The Guideline for the Standardization of the QR Code to be used for payments in Kosovo is approved
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4 week ago
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The Executive Board of the Central Bank of Kosovo has approved the Standardization Guide QR Code, which will be used for payment transactions in the Republic of Kosovo.

According to the CBK, the purpose of this instruction is to define the rules and technical requirements for the development and operation of the QR code structure in the Republic of Kosovo, which will be used for payments in retail sales and for invoice payments. It aims to promote the wider use of digital devices and smartphones for making payments, ensuring stable and secure interaction between service providers and consumers.

"The adoption of this standard is part of the activities and actions undertaken in the field of payments, within the CBK's strategy for building a modern and comprehensive market for small value payments. This also includes the development of the legal and regulatory framework as well as the modernization of the infrastructure, in order to ensure a safe, efficient and competitive system for payments in the country", the communiqué states.

It is further stated that CBK has adopted the standard defined by the European Payments Council (EPC), which includes the QR code standard used in the EU for payment transfers initiated by smartphones and for fast payment systems. This standard is also expected to be used by the countries of the region within the EU project for the Modernization of the Payment Systems of the Western Balkan Countries.

The use of this standard will bring several advantages and benefits, such as: For citizens: fast and convenient method for making payments, by scanning QR codes with digital devices. This reduces errors in payment details and speeds up the process, while also helping to better manage personal finances.

For merchants and service providers: enables you to offer their customers a simple way to make payments via standard QR code, regardless of the payment service provider. This enables automatic and secure payment processing, while also simplifying processes for account reconciliation and compliance issues.

For payment service providers: banks and other payment providers can easily integrate this standard into their applications, reducing technical barriers. Standardization also facilitates the identification of suspicious transactions.

For public institutions: digitization of services and clarity regarding accepted payments will be important benefits. Payments can be categorized according to their purpose (taxes, fees, fines, etc.), simplifying the procedures for making remote payments through platforms such as e-Kosova or through mobile phones at points of sale.

With this standard, the Central Bank intends that in the Republic of Kosovo, QR codes will be used efficiently for payment purposes in different systems and platforms, reducing their fragmentation. Moreover, the adoption of the QR code standard of the European Payments Council (EPC) aims to facilitate the processing of payments not only within the country, but also at the regional level and in the SEPA area, in line with the strategic objectives of CBK. The implementation of this standard now depends on the technical developments and the necessary infrastructure that the licensed payment service providers in Kosovo will put into operation.

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