One for all: regulator proposes to use universal QR code for payments
The Bank of Russia has proposed that the Russian Ministry of Finance make legislation amendments regarding the use of QR codes in payments for goods and services. According to the regulator’s proposals, banks will have to use only a universal QR code based on the solution of the National Payment Card System (NPCS).
The universal NPCS QR code will enable the acceptance of all types of payments, including bank payment solutions (pay services), the SBP, and the digital ruble in the future. The code will also support banks’ cashback and loyalty programmes. The implementation of this solution will help banks and trade companies cut the cost of connecting to different payment instruments.
This step will also promote competition in this area and create equal conditions for connecting to and interacting with the NPCS infrastructure for all banks large and small alike.
According to the document, all IT systems of banks and payment acceptance devices (point-of-sale terminals, etc.) should support payments using the universal NPCS QR code.