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Bank Of Mauritius Launches Cutting-Edge National Qr Code To Revolutionise Digital Payments
(MENAFN- Edelman) 21 September 2021 – Port Louis, Mauritius - A new cutting-edge payment method has been officially launched by the Bank of Mauritius to accelerate the digital transformation of Mauritius’ payments system and support greater payment flows between Mauritius and mainland Africa, India, and the world.
The new National QR Code which is hosted on the Bank’s MauCAS platform will transform people’s ability to make swift and secure digital and mobile payments when purchasing goods and services using their cards or mobile wallets or when making bank transfers. By having one national code, the system will be interoperable for all retail payments providers and will also enable more digital Government payment services.
Internationally, the QR code will facilitate faster, easier and more secure inter-bank transfers, with major commercial banks Bank One and Absa already adapting their systems to become interoperable. The Bank of Mauritius is also working with the National Payments Corporation of India (NPCI) to connect the MauCas platform to India’s own switch towards digital payments, with an agreement in the process of being finalised.
Commenting on the launch of the new QR code, Mr Harvesh Seegolam, Governor, Bank of Mauritius, said:
“The MauCAS QR Code will revolutionise the payments landscape in Mauritius and will accelerate the transition to a less-cash society, presenting a golden opportunity for the banking and financial industry to foster interoperable digital payments acceptance.
“Real-time payments increased eight-fold to Rs.1.2bn last year and few could have predicted how important the QR code has become during the COVID-19 pandemic. The new National QR Code puts the customer in command of the payment and also increases security.
“The trend from a cash-dominated economy to a digitalised one is international, and this new QR code is the latest step in our long-term efforts to digitalise the Mauritian payments system by leading the way on pioneering international clearing systems and investing in instant payment infrastructure.”
The Bank of Mauritius has also established an industry-wide Fintech Committee to support the further digitalisation of payment systems, with further announcements expected in the coming months.
The new National QR Code which is hosted on the Bank’s MauCAS platform will transform people’s ability to make swift and secure digital and mobile payments when purchasing goods and services using their cards or mobile wallets or when making bank transfers. By having one national code, the system will be interoperable for all retail payments providers and will also enable more digital Government payment services.
Internationally, the QR code will facilitate faster, easier and more secure inter-bank transfers, with major commercial banks Bank One and Absa already adapting their systems to become interoperable. The Bank of Mauritius is also working with the National Payments Corporation of India (NPCI) to connect the MauCas platform to India’s own switch towards digital payments, with an agreement in the process of being finalised.
Commenting on the launch of the new QR code, Mr Harvesh Seegolam, Governor, Bank of Mauritius, said:
“The MauCAS QR Code will revolutionise the payments landscape in Mauritius and will accelerate the transition to a less-cash society, presenting a golden opportunity for the banking and financial industry to foster interoperable digital payments acceptance.
“Real-time payments increased eight-fold to Rs.1.2bn last year and few could have predicted how important the QR code has become during the COVID-19 pandemic. The new National QR Code puts the customer in command of the payment and also increases security.
“The trend from a cash-dominated economy to a digitalised one is international, and this new QR code is the latest step in our long-term efforts to digitalise the Mauritian payments system by leading the way on pioneering international clearing systems and investing in instant payment infrastructure.”
The Bank of Mauritius has also established an industry-wide Fintech Committee to support the further digitalisation of payment systems, with further announcements expected in the coming months.
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