Over the last few years, QR codes have become a popular payment system, used in everyday life all around the world. As their name implies QR – Quick Response codes, allow their customers to effect payments quickly, using only their smartphones or tablets. Following this global trend, National Bank of Serbia („NBS”), initiated a procedure of implementation of this payment system in Serbia.
Besides speeding up the payment process, the QR codes payment system also improves security. Standard e-commerce entails the use of credit card data and may jeopardize customers’ security. On the other hand, when using QR payments, the transaction actually happens on the customer’s device.
In cooperation with the Chamber of Commerce and Industry of Serbia and the Association of Serbian Banks, the NBS has prepared a guide – Recommendations for Use of the QR Codes when Displaying Transfer Orders Elements. The main goal of such recommendations is to standardize QR code transfer orders, which must be included in receipts and invoices. There is currently an ongoing public debate regarding the content of transfer orders and all those interested may contact the NBS with their suggestions.
Additionally, as stated by the NBS, QR payments will diminish costs and simplify the payment process, also reducing possible technical mistakes. As expected, the QR payment system will be activated in the second part of 2018.