Unified QR Payment System to Operate in Armenia Starting October 1
The Central Bank has decided to implement a unified system for QR payments. A requirement for interoperability in making payments or transfers using QR codes has been established. This will come into effect on October 1.
The system is designed to enable payments through a single, unified QR code placed at points of sale and/or service by commercial banks and payment processing organizations, payments can be made using any financial organization’s app that offers QR payment functionality.
In Armenia, QR code payments are already in use. However, each operator (banks or payment systems) currently utilizes its own unique code. This allows payments to be made only through their specific app. The Central Bank mandates that, starting from October 1, all operators must adopt a single unified QR code.
The goal of this initiative is to make the process of payments or transfers via QR codes convenient and efficient for payers, service providers, and financial organizations alike.
The interoperability requirement for payments or transfers using QR codes will apply exclusively to payment-related QR codes and will not affect the use of product-related QR codes (including those used in public transportation).