December 9: The use of QR codes for payment has increased significantly in the market in recent days. As marketplaces are now using new devices to replace cash as means of payment, the frequency of payment through QR code has increased.

Nepal Rastra Bank (NRB) reported that an additional 85,975 transactions worth Rs 321 million took place through QR code during the last month compared to the previous month. In mid-September to mid-October, customers made 265,000 transactions worth Rs 969 million using the code system. In mid-August to mid-September, altogether 179,000 transactions worth Rs 64.8 billion were reported in the country.

Nepal Rastra Bank (NRB) is preparing to make the payment more systematic and uniform, as the payment from QR code has been increasing lately. The NRB is a statement informed that it is preparing to maintain QR code more systematically with the increase in transactions.

The central bank is going to make more arrangements based on international standards. According to the central bank, international practice of QR code shows details including identifications of the customer and merchant, bank details, date and time of transaction mobile number the PSO operator and the three-page customer identification (KYC) of the person involved in the transaction.

“Such a scan should have the detailed information which should be on the server or all the details should be seen once scanned and found when we search. That is why we are trying to manage it,” said an NRB source requesting anonymity.

The QR code payment at present does not contain all this information.