Ghana’s payment system is set to experience a massive disruption as Visa Ghana is ramping up efforts to accelerate the introduction of a contactless payment system.
The contactless payment system, Visa Ghana says, is an innovative modern financial technology that enhances the convenience of digital transactions and boosts financial inclusion.
The company made this case at a workshop themed “Securing the Future of Payments through Acceptance” to update and consult industry stakeholders on the agenda. Present include banks, fintech firms, merchants, regulators, and others.
The workshop also aimed at addressing the challenges and mapping out strategies to accelerate the acceptance and adoption of a contactless payment system in Ghana.
Contactless Payment Technology enables a customer to make payment without using cash or swiping the card. With some of these technologies, customers either “tap” or wave their card over a card reader to make payment.
Country Director of Visa Ghana, Fabrice Konan says this technology offers a faster experience, enhances the security of transactions and is very convenient.
“Contactless payments are faster, more secure, and just as convenient as other methods,” he said at the Workshop.
He further revealed that while contactless payment is gaining ground in the world, Ghana is lagging behind as only 10% of transactions use the technology. He further noted that there is a chance for contactless payment to penetrate Ghana’s payment system since many Ghanaians who travel abroad quickly embrace the technology.
“Ghanaians are quick to embrace contactless payments when they travel abroad with one in two transactions being contactless. In markets like South Africa and Mauritius, contactless penetration rates are close to 60% which shows we have a lot a lot of catching up to do,” Konan explained.
He attributed the low adoption rate not to a lack of awareness but to entrenched consumer habits. Many Ghanaians remain more comfortable with traditional payment methods like physical cards or mobile money, despite the superior speed, security, and convenience of contactless options.
“Changing payment habits takes time, but once consumers experience the benefits of contactless technology, we’re confident they will make the switch,” Konan said.
Visa Ghana’s initiative aligns with its broader goal of fostering a cashless society in Ghana and providing industry leaders with the knowledge and resources to support the adoption of modern payment technologies.
