Central Bank of Iran Circular on QR Code Payment Systems

Central Bank of Iran Circular on QR Code Payment Systems

Date: 2019/10/14 Reference: 47768/13/2

Subject: Implementation of QR Code Payment Systems

The Central Bank of Iran has issued directives regarding the standardization and implementation of QR code payment systems. This circular outlines the technical specifications and operational requirements for financial institutions and payment service providers.

Key provisions include:

1. Standardization of QR Code Formats: All entities must adhere to the specified QR code standards to ensure interoperability across different banking platforms.

2. Security Requirements: Enhanced security measures are required to protect transaction data and prevent fraud. This includes encryption standards and authentication protocols.

3. Technical Specifications: Detailed technical specifications for QR code generation, scanning, and processing are provided to ensure consistency and reliability.

4. Implementation Timeline: Financial institutions are required to implement these standards by the specified deadline to ensure a smooth transition to the new payment system.

5. Compliance and Monitoring: The Central Bank will monitor compliance with these directives and may impose penalties for non-compliance.

This circular is effective immediately and applies to all licensed financial institutions and payment service providers in Iran.

For further information, please contact the relevant department at the Central Bank of Iran.

Reference: 2019/06/27 (4075913/2)

Additional Notes:

• The use of QR codes for payments is now mandatory for all participating institutions.
• Technical support and guidelines are available on the Central Bank's website.

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