Using QR Code, you can pay for goods and services, as well as transfer money.
The National Bank of Ukraine has developed general approaches to the formation and use of a QR code for wire transfers, specifically, credit transfer, the NBU website reported.
As noted by the regulator’s press service, there are no integrated approaches to creating QR codes today, so market participants create according to their own rules. Because of this, there is no compatibility of QR codes during their generation and processing, which creates inconvenience for business and consumers.
Integrated approaches to the use of QR codes for money transfers were presented by the NBU board in the draft proposal “on the approval of the rules for the formation and use of QR codes for credit transfers”, which is currently in place. available May 6, 2020 for public comment.
The document sets out the requirements for the creation of data elements of the QR code, including:
- Field structures, names, and purpose of elements
- These include filling data based on the length of the elements, their binding, and the purpose of the element.
- Characteristics of QR Code
- Data character encoding methods
- Character format
- QR Code Size Specifications
- Error correction rule
- Link decoding algorithm
- Other parameters defined by the international standard ISO / IEC 18004: 2015
It is noted that the integrated approach to the creation and use of QR code will contribute to:
- Increasing the convenience and speed of settlements
- Reducing operational risks associated with incorrect payment details
- Automation of cashless payment participants business processes
- Cashless payment increase
According to the press service of the NBU, similar requirements of QR codes for transfers are introduced by many countries in the European Union. QR codes can be used to pay for goods and services, as well as for money transfers. At the same time, the formation and use of QR codes will not be mandatory, the National Bank emphasized.
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We previously wrote that the government of China, with the support of technology giants Alibaba Group Holding Limited and Tencent Holdings Limited, launched an application that tracks citizens for coronovirus infection. Alipay payment system, which is managed by the financial division of Alibaba Ant Financial, has released an application that provides colored QR codes that display the health status of residents. Citizens will have to fill an online form including cough and fever along with their identification number, travel information and any symptoms of the virus. After filling the questionnaire, users receive a color QR code on their mobile phone indicating their health status.
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