CBB standardises QR code provisions for retail payments

MANAMA: The Central Bank of Bahrain (CBB) has decided to standardise merchant presented quick response code (QR code) specifications used by retail payment systems in Bahrain.

Retail banks, financing companies and ancillary service providers that use merchant presented QR codes in their payment systems are required to use standard QR Codes in accordance with the EMV QR Code Specifications for Payment Systems (EMV QRCPS).

QR codes provide a simple way for people to initiate electronic payments by using their smartphone to scan the QR code.

Likewise, payment QR codes also provide a low-cost payment acceptance channel to micro and small merchants.

Having considered the potential benefits of implementing payment QR code that supports global standards, the CBB has decided, in consultation with banks and payment service providers, to standardise QR code specifications used by retail payment systems in Bahrain.

The CBB’s policy is to continuously develop all retail payment systems by introducing latest technologies in the field of payment and settlement systems to significantly benefit the local economy.

Source: http://www.gdnonline.com/Details/431112/CBB-standardises-QR-code-provisions-for-retail-payments