South Africans Wowed by Zimbabwe’s New Currency: QR Codes on ZiG Banknotes Leave Them with Questions

South Africans Question Function of QR Codes on ZiG Banknotes

South Africans are fascinated by one of the security features of Zimbabwe’s new currency the Zimbabwe Gold (ZiG).

The ZiG banknotes and coins entered circulation at the end of April, replacing bond notes, RTGS, and the previous Zimbabwe dollar.

Also read: ZiG Currency Revamp: RBZ Governor Announces Major Changes to Banknotes and Coins, Unveils New Denominations

Security Features on ZiG Banknotes

The new ZiG currency includes coins in 1, 2, and 5 denominations and 10, 50, 100, and 200 notes. Additionally, there are 25 and 50 cent ZiG coins.

The ZiG banknotes boast several security features, including a colour-shifting security thread, tactile markings for the visually impaired, a Zimbabwe bird watermark, and alphanumeric numbering. They also feature QR codes, the function of which has not yet been disclosed by the Reserve Bank of Zimbabwe (RBZ).

Also read: Ireland Mulls Scrapping Visa-Free Travel for South Africans Thanks to Zimbabweans

QR Codes on ZiG Banknotes Pique Interest Among South Africans

Taking to X (formerly Twitter), a South African user @Fortunate__ claimed that the QR code on the ZiG banknotes lets its holder deposit it into their bank account by simply scanning it.

“Did you know? In Zimbabwe, the new bank notes have a QR code. This code lets you put money into your bank account by simply tapping it with your phone,” the user posted on X.

The post raised more questions than answers. Some users questioned whether scanning the QR code would render the physical note worthless, while others speculated that it was primarily a security measure against counterfeiting. Here are some of the comments on the use of the QR codes on the ZiG banknotes:

@CRangataJ:

So if I sent it to my account, I can simply burn the note?

@Ron_YNWA:

Automatically the note becomes useless

@dramadelinquent:

So what happens to the note after that? Who is checking that it’s not in someone’s bank account, and being used again at a till

@SandileKaMsibi:

Tap? QR codes are scanned using a camera; only NFC & similar tech are tapped.

Also, that is just like any unique identifier – it could have been an HCCB, a string, a number, a chemical signature, a barcode, etc. All banknotes have an identifier. You chose one standard.

Lastly, do banknotes fly to the bank after scanning?

@i17887460:

Quite the contrary. The QR code identifies the note and its production date. The note is backed by a basket of forex and metals. Imagine will be used in future to get a real time valuation should the reserve bank decide to float the currency.

Also read: RBZ Reveals if New Currency ZiG Can Buy Fuel in Zimbabwe and Make International Payments

Potential Functions of QR Codes on Currency

Although the RBZ has not shed light on the purpose of QR codes on ZiG banknotes, other countries that have QR codes on their currency use them for enhanced security. QR codes can make counterfeiting more challenging and provide quick verification of information when scanned. Each scan validates and records the note’s details in a central database, ensuring that the note is authentic.

The post South Africans Wowed by Zimbabwe’s New Currency: QR Codes on ZiG Banknotes Leave Them with Questions appeared first on iHarare News.