The Central Bank of Paraguay (BCP) has approved the “Regulation of the QR generation standard for electronic payments in Paraguay” regulations that constitute a fundamental step to promote interoperability in the payment ecosystem, which will also allow the promotion of a more digital and competitive society.
The regulation establishes the obligation for all Payment Service Providers (PSPs) that process payments with QR to adopt the QR standard based on EMV ® QRCPS.
The standardisation of QR codes establishes common security practices and promotes a more fluid and efficient adoption of electronic payments, allowing users to enjoy a better payment experience and promoting competition and innovation in the financial services sector.
The need to regulate electronic payments with QR lies in preventing different standards from being developed in the market that hinder interoperability and that do not comply with international best practices in regarding safety and efficiency.
In this sense, the regulations establish that all PSPs, whether or not they are supervised by the BCP, and that they offer QR-based payment services, they must generate QR codes based on the EMV ® QRCPS standard, following the Implementation Guide that will be issued by the BCP.
For the adoption of the standard, the regulation establishes an adaptation period until June 30, 2025. The full resolution (in Spanish) is available here.
