Islamabad: The State Bank of Pakistan (SBP) – in a bid to fast-track the digitization of retail payment – has formulated unified standards for Quick Response (QR) code-based payments in Pakistan, according to a news published on March 02.
Reportedly, these standards will be applicable on the issuance of QR codes and acceptance of payments through them. With this standarised SBP QR code-based payment system, Pakistan joins the list of few countries taking steps to encourage low-cost digitized payment services.
It was highlighted that SBP has introduced these measures to promote innovation, inclusion and advancement of payment systems in Pakistan. The initiative was first announced by SBP Governor Dr Reza Baqir during the fifth stakeholders’ consultation meeting on Digital Financial Services, which was held in August 2021.
Keeping in view the limited acceptance and usage in the country, these unified QR code standards are developed by an SBP-formed industry consultative group. The system is based on globally-recognsied EMVCo’s QR code specifications for merchant payments.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
