Central Bank of Brazil launches national QR code standard

The financial authority has stated that the purpose of the national QR code standard, which was dubbed BR Code, is to achieve a method of universal usage. The idea is to create a standardization comparable to what exists in conventional payment terminals. Those terminals already accept a number of different types of payment technology, including cards, chips and tags, and even devices.

The national QR code standard will also allow the same barcode to be used for a range of purposes.

This unveiling is only the latest in a number recently made by the central bank in the country. In addition to the quick response code regulations, the central bank also launched an instant payments platform in February 2020. All this was a component of a broader innovation program meant to completely update and refresh Brazil’s existing financial system.