Standardization of Quick Response (QR) Codes for Payments in Pakistan
With the purpose of adopting innovative and ease-of-use means of financial transactions, the State Bank of Pakistan has been in the process of shifting increasingly towards digital channels of payments.
In this regard, a circular on standardization of QR Codes in the country to comply with EMVCo’s (credit card companies) specification was released by SBP in September 2019.
- Sectoral Matter
- January 10, 2022
Now, the QR Standard to facilitate payments for merchants as well as individuals in Pakistan has been designed by SBP which provides the requirements, technical specifications and inter-operability guidelines on QR Codes, besides highlighting the roles and responsibilities of the concerned stakeholders.
The QR Standard and Draft Circular of the same were sent by SBP to PBA for feedback and comments of member banks. Members’ feedback was reviewed by the PBA Consumer, Sub Committee and the consolidated response was submitted to SBP.
