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Interoperable QR Codes for Payments in the ASEAN Region

This document outlines the guidelines for implementing interoperable QR Codes for payments in the ASEAN (Association of Southeast Asian Nations) region. It covers various aspects of using interoperable QR Codes, including technical requirements, security measures, customer experience, and future innovation.

Technical Requirements

Interoperable QR Codes must comply with international standards for payment systems. The key requirements are:

  • Interoperable QR Codes must be compatible with international standards for payment systems.
  • Payment Service Providers (PSPs) must ensure that their services are compatible with interoperable QR Codes.
  • PSPs must implement technical measures to prevent errors and ensure secure payments.

Security Measures

To ensure the security of interoperable QR Code payments, PSPs must:

  • Have a strategy and policy framework for leveraging big data, analytics, and machine learning to analyze collected data from interoperable QR Codes.
  • Select appropriate technology for analyzing collected data and test its accuracy against relevant risk management frameworks.
  • Comply with related business rules for developing API services.

Use of Interoperable QR Codes for Cross-Border Payments

The adoption of interoperable QR Codes can bring greater efficiency to economic activities across ASEAN Member States (AMS). The benefits include:

  • Greater efficiency in economic activities across AMS.
  • Growth in e-payments, reduced paper consumption, and promoted transparency between PSPs and government agencies.
  • Citizens can conveniently use their mobile applications to scan merchants’ interoperable QR Codes for payments.
  • Merchants can receive both domestic and international payments in local currencies using various fund sources.

Conclusion

Interoperable QR Codes offer a safe, simple, and efficient way of facilitating domestic payments and provide an opportunity for the ASEAN region to have an integrated cross-border e-payment system. The adoption of interoperable QR Codes can improve the ease of doing business in the region and enable PSPs and regulators to collect e-payment data for innovative financial products.

Overall, this document provides a comprehensive guide for implementing interoperable QR Codes for payments in the ASEAN region, emphasizing technical requirements, security measures, customer experience, and future innovation.