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The Brunei Darussalam Central Bank (BDCB) has issued a notice mandating the adoption of a National Quick Response (QR) Code Standard for payment transactions.
The directive, effective immediately, is intended to improve interoperability, while promoting digital payments across the Asian country.
Under the new regulations, all payment service providers (PSPs) and payment system operators (PSOs) must ensure that their QR codes comply with the national standard and merchants are required to display these standardised QR codes for transactions.
The BDCB has said that consumers will receive awareness initiatives on using the standardised codes.
To improve transparency, PSPs and PSOs are now required to notify users of unsuccessful payments caused by non-compliant QR codes, and to report their QR-enabled payment services to the BDCB before deployment.
Existing proprietary QR codes must be phased out by January 1, 2027.
