Asuncion, IP Agency.- The Central Bank of Paraguay (BCP) approved the “Regulation of the QR generation standard for electronic payments in Paraguay”, a regulation that constitutes a fundamental step to promote interoperability in the payment ecosystem, which will also allow the promotion of a more digital and competitive society.
The regulation establishes the obligation for all Payment Service Providers (PSP) that process QR payments to adopt the QR standard based on EMV® QRCPS. This decision
QR code standardization establishes common security practices and promotes a smoother and more efficient adoption of electronic payments, allowing users to enjoy a better payment experience and promoting competition and innovation in the financial services sector.
The need to regulate electronic payments with QR is to prevent the development of different standards in the market that hinder interoperability and do not comply with international best practices in terms of security and efficiency.
In this regard, the regulations establish that all PSPs, whether or not supervised by the BCP, and that offer QR-based payment services must generate QR codes based on the EMV® QRCPS standard, following the Implementation Guide that will be issued by the BCP.
For the adoption of the standard, the regulations establish a deadline for adaptation until June 30, 2025. The resolution is available on the website at the following address: link.
In this way, the BCP reaffirms its commitment to the development of an agile, efficient and secure payment system that guarantees the security of operations, the protection of users’ interests and, at the same time, promotes competition and innovation in financial services.
#BCP #regulates #payments #Paraguay #seeking #promote #interoperability
2024-08-01 06:04:56
