Turkish Central Bank forms national QR code standards

ANKARA- Anadolu Agency

Turkey's Central Bank announced on Aug. 21 it has established national QR code standards as part of intentional efforts to support innovative methods of executing and handling payments. 

National rules and principles for the standardized TR QR Code aim to enhance the use of common QR codes in retail payments and initiate practical, easier, more efficient and safer payments, according to a bank statement.

This will help to reduce the use of physical cash in the form of banknotes, it added.

Against this backdrop, a standard QR code structure and set of rules have been established to enable interoperability by using a common language among payment system operators within the payments infrastructure ecosystem.

It will support all sorts of initiatives from innovators, and contribute to the widespread acceptance of QR codes in the form of digital payments, the statement stressed.

This initiative is also directed to support the use of contactless and electronic payment methods, whose importance has been rising due to the coronavirus pandemic that affected financial provisions in the world during 2020 and beyond.