{"id":84286,"date":"2022-03-03T17:47:26","date_gmt":"2022-03-03T12:47:26","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=84286"},"modified":"2022-03-03T17:47:30","modified_gmt":"2022-03-03T12:47:30","slug":"sbp-standards-qr-code-based-digital-payments","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-standards-qr-code-based-digital-payments.html","title":{"rendered":"SBP fixes unified standards for QR code-based digital payments"},"content":{"rendered":"\n<p>Islamabad: The State Bank of Pakistan (SBP) &#8211; in a bid to fast-track the digitization of retail payment \u2013 has formulated unified standards for Quick Response (QR) code-based payments in Pakistan, according to a news published on March 02.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-allows-housing-finance-under-construction-projects.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP allows housing finance lending for under-construction projects<\/a><\/p>\n\n\n\n<p>Reportedly, these standards will be applicable on the issuance of QR codes and acceptance of payments through them. With this standarised SBP QR code-based payment system, Pakistan joins the list of few countries taking steps to encourage low-cost digitized payment services.<\/p>\n\n\n\n<p>It was highlighted that SBP has introduced these measures to promote innovation, inclusion and advancement of payment systems in Pakistan. The initiative was first announced by SBP Governor Dr Reza Baqir during the fifth stakeholders\u2019 consultation meeting on Digital Financial Services, which was held in August 2021.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-loans-agri-warehouse.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP launches loan scheme for warehouse infrastructure development<\/a><\/p>\n\n\n\n<p>Keeping in view the limited acceptance and usage in the country, these unified QR code standards are developed by an SBP-formed industry consultative group. The system is based on globally-recognsied EMVCo&#8217;s QR code specifications for merchant payments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The State Bank of Pakistan (SBP) &#8211; in a bid to fast-track the digitization of retail payment \u2013 has formulated unified standards for Quick Response (QR) code-based payments in Pakistan, according to a news published on March 02. Read: SBP allows housing finance lending for under-construction projects Reportedly, these standards will be applicable on the issuance of QR codes and acceptance of payments through them. With this standarised SBP QR code-based payment system, Pakistan joins the list of few countries taking steps to encourage low-cost digitized payment services. It was highlighted that SBP has introduced these measures to promote innovation, inclusion and advancement of payment systems in Pakistan. The initiative was first announced by SBP Governor Dr Reza Baqir during the fifth stakeholders\u2019 consultation meeting on Digital Financial Services, which was held in August 2021. Read: SBP launches loan scheme for warehouse infrastructure development Keeping in view the limited acceptance and usage in the country, these unified QR code standards are developed by an SBP-formed industry consultative group. The system is based on globally-recognsied EMVCo&#8217;s QR code specifications for merchant payments.<\/p>\n","protected":false},"author":75,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016,15017],"tags":[51392,51391,21853],"persona":[],"class_list":{"0":"post-84286","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"category-notices-announcements","9":"tag-qr-code-based-digital-payments","10":"tag-sbp-fixes-unified-standards-for-qr-code-based-digital-payments","11":"tag-state-bank-of-pakistan-sbp","12":"cat-15016-id","13":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP fixes standards for QR code-based digital payments - Zameen News<\/title>\n<meta name=\"description\" content=\"ith this standarised SBP QR code-based payment system, Pakistan joins the list of countries taking steps to encourage low-cost digitized payment services.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sbp-standards-qr-code-based-digital-payments.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP fixes standards for QR code-based digital payments - Zameen News\" \/>\n<meta property=\"og:description\" content=\"ith this standarised SBP QR code-based payment system, Pakistan joins the list of countries taking steps to encourage low-cost digitized payment services.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-standards-qr-code-based-digital-payments.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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