QR Code for Business: NBU Approves a Unified Approach


The solution aims to provide the market with integrated tools to increase the convenience of settlements.


The National Bank approved an integrated approach to the formation and use of QR codes for settlements. We are mainly talking about credit transfer. The solution aims to provide the market with integrated tools to increase the convenience of settlements. This will solve the problem of compatibility of different infrastructure of market participants.

How Inform Regulators, market partners still use QR codes, but make them according to their own rules. The presence of a unified approach to the requirements for the formation of QR codes will increase the speed of settlements and reduce operational risk. Integrated approaches provide, first, the needs of payment market participants who work with service providers (specifically, state, administrative, and communal services).

Alexey Shaban
Director of payment systems and innovative development of NBU

Extensive use of QR codes will also help when paying for goods and services and transferring funds from one account to another. And the use of a QR code to transfer credit will help automate settlement participants’ business processes and, as a result, increase the amount of cashless payments.

The formation and use of the QR Code is not mandatory, as noted by the Director of the Department of Payment Systems and Innovation Development of the National Bank of Ukraine Alexey Shaban. However, if you want to use the QR Code to transfer credit, then participants in cashless payments must ensure its formation and use according to the rules developed by the National Bank. The relevant standards are May 28, 2020 No. 68 “National Bank of Ukraine Board Resolution” contained in the approval of the rules for the formation and use of the QR Code for Credit Transfer, which will come into force on June 3, 2020.

Paypal magazine help

In November last year, Ukraine’s Ministry of Digital Transformation with the Visa payment system introduced several technologies to receive payments, in particular, QR codes.

Read: PayPal has launched QR code payment in 28 countries


Source link

Leave a Reply