- The “BR Code” aims to unify “QR Codes” standards;
- Brazil’s government wants to increase transparency for end users.
The Brazilian Central Bank has just created the “BR Code”, a new pattern for QR Codes to be used in transactions and payment arrangements that are part of the Brazilian Payment System.
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The “BR Code” was launched to unify “QR Codes” standards in Brazil‘s payment industry. It determines that, right at the start of any payment, service providers will have to inform the user which payment arrangement is being applied.
Providers will have six months to adapt the QR Codes currently used to the new BR Code model. With this, Brazilian government wants to “increase transparency for end users, both payers and recipients, expanding and improving access to information and foster a pro-competitive environment in the Brazilian Payment System”, according to Brazil’s banking and financial authority.