The South African Reserve Bank (SARB) is working on a new payments standard to drastically improve scan-to-pay transactions in South Africa.
The development and implementation of the QR+ Standard forms part of the SARB’s Payments Ecosystem Modernisation (PEM) Programme.
Quick Response (QR) codes have become a popular way to direct smartphone users to a website, app or file download link, and to complete payments.
However, the QR ecosystem has become fragmented due to various payment providers using different QR codes that are not interoperable across banking and other payment apps.
The three major QR code payment platforms in South Africa are Masterpass, SnapScan, and Zapper.
