The multi-stakeholder group on Mobile Initiated (instant) SEPA Credit Transfers (MSG MSCT), which is facilitated by the European Payments Council, has developed a new document on the standardisation of Quick-Response (QR) codes for Mobile Initiated (Instant) Credit Transfers (MCTs) for submission to ISO (International Organization for Standardization).
It standardises a payee – and a payer-presented QR-code for all types of MCTs, i.e. all payment contexts: person-to-person (P2P), consumer-to-business (C2B), business-to-business (B2B) and business-to-consumer (B2C), while addressing both instant and classic credit transfers (so-called push payments).
In view of the ISO procedures, this document was developed in ISO format and will be submitted to the ISO Central Secretariat for further standardisation through a so-called fast track procedure.
The usage of this standardised QR-code is key for achieving global (cross-border) interoperability of mobile initiated (instant) credit transfers.
Find out more information in “related documents”.
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