CBB standardises quick response code

Manama, (BNA): As part of its ongoing efforts towards developing the payment systems in the Kingdom of Bahrain and adopting the latest technologies into retail payment systems, the Central Bank of Bahrain (CBB) has decided to standardise merchant-presented quick response code ("QR Code") specifications used by retail payment systems in the Kingdom of 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 provides 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 the banks and payment service providers, to standardise QR Code specifications used by retail payment systems in Bahrain. The CBB’s policy aims to continuously develop all retail payment systems by introducing the latest technologies in the field of payment and settlement systems, in order to significantly benefit the local economy.