The Central Bank of Brazil has introduced new standard for QR code to create a pro-competitive environment in the country’s payment system.
The country’s apex bank in a statement said: “The new rules aim to increase transparency for end-users, both payers and recipients, by expanding and improving access to information and, thus, creating a pro-competitive environment in the Brazilian Payment System.”
Dubbed BR Code, the new standard will take effect in September this year.
The new standard is aimed at promoting standardisation at a similar level to what has been in place for payment terminals.
The payment arrangement institutes will have to adapt to the QR Codes currently used to the ‘BR Code’.
As per the new rule, every service providers will have to intimate the user which payment arrangement is being used at the beginning of each payment.
“The QR Code must be offered in a standardised manner, in order to facilitate interoperability, internationalization and provide greater efficiency to retail payments,” the central bank said.
The launch of the new standard follows the launch of an instant payments platform by Brazilian central bank last month.
Called PIX, the new payment platform is designed to transact through multiple methods including QR codes or information including social security or company registration numbers. It also facilitates payments via email or mobile numbers.
In January, Brazilian retail management technology developer Linx entered into a partnership with local payment app PicPay for QR payments.
The collaboration seeks to provide the Brazilian retailers with an additional QR payment acceptance option at the stores.