The Central Bank of Brazil has launched its standard for QR Codes, to universalize cashless payments in the country. The new standard will become mandatory in September 2020.
"The new rules aim to increase transparency for end-users, both payers and recipients, by expanding and improving access to information and, thus, creating a pro-competitive environment in the Brazilian Payment System", said the Central Bank, in a statement.
According to the authority, the goal of the standard, dubbed "BR Code", is to promote standardization at a similar level to what has been in place for payment terminals, which now accept several payment formats in the same equipment including cards, tags and devices.
"Similarly, paying users can use the same QR Code to initiate a transaction through different arrangements - depending on the application chosen and according to their preferences", the Central Bank added.
The announcement follows the Brazilian central bank's launch of an instant payments platform last month, as part of a wider innovation program that aims to overhaul the financial system in the country.
The new payment instrument, dubbed PIX, will be able to transact via multiple methods such as QR codes or information including social security or company registration numbers, email or mobile numbers. PIX will also be available at ATMs and online banking channels.