QR codes as currency promote SA’s informal economy
Members of the informal sector of the South African economy, which include traders selling goods at traffic lights, pavement-side cobblers and hairdressers, and car guards in streets and at shopping centres, now have an additional tool available to facilitate payment for goods and services.
A mobile platform from South African fintech company AltarPOS allows anyone to create a personal Quick Response (QR) code linked to a payment page. The tool does not require a banking account, app, or even a high-end smartphone.
Once the QR code is created, it can be printed and displayed or used as a hand-held sign at any point of sale – whether a pavement stall, school fundraiser or informal car wash.
The company defines the tool as a technological bridge that furthers participation in the economy, extending financial inclusion to those without access to banking services or credit facilities.
“When a car guard can earn tips via QR code, or a churchgoer can tithe from their phone, or a young woman can raise funds for school supplies from her community without ever entering a bank, that is inclusion,” asserts AltarPOS.
Use of the tool does not require a set-up fee, proof of address or proof of income. AltarPOS charges a nominal commission for each payment, which includes payment processing, SMS or email alerts, reporting, and platform support. Registration is open to everyone and no approval is needed.
Once registered, the user receives a custom link and QR code that can be printed or shared online. The registered user can immediately start receiving safe, mobile-friendly, cashless donations.
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