JoPACC Launches Jo-QR Payment Standards
With guidance from the Central Bank of Jordan and in cooperation with the financial sector, the Consultative Group to Assist the Poor (CGAP) and the Monetary Authority of Singapore (MAS), Jordan Payments and Clearing Company (JoPACC) is launching technical standards to enable financial transactions through QR Code. QR Code Payments are emerging as a frictionless digital payment technology leveraging ease of implementation through smart portable devices.
In applying these standards, JoPACC seeks to standardize and facilitate payment technologies for retailers, customers and the financial sector in general to simplify making payments between all parties and avoid having multiple standards among different providers, which places a burden on all parties. Jo-QR payments standards are compliant with EMVCo®.
The QR Code in Jordan will be used in the financial sector by financial institutions that are connected to JoMoPay (Jordan mobile Payment Switch) to facilitate and accelerate the payment process in financial services, where the user can pay for purchases by scanning the code via mobile phone, without having to carry cash or other payment methods. QR Code is a new digital payment technology that has begun to spread in the global market, and is based on the principle of enabling individuals to make payments for their purchases through smart devices and through applications supporting QR code scanning. The new technology will allow the merchant and the consumer to execute the payment and clearing for goods and services by scanning the QR code displayed by the merchant to the customer and the customer finalize the payment through his mobile phone easily and quickly.
This step comes within the framework of the strategy of the Jordan Payments and Clearing Company to digitalize and facilitate payment operations in the Jordanian market, which contributes to improving financial services and encouraging the use of modern solutions in financial services, leading to increased financial inclusion and building a national integrated digital economy that is inclusive of all society segments.
To read the Jo-QR Payment Standards: http://www.jopacc.com/echobusv3.0/systemassets/qr%20code%20standards.pdf