Hong Kong: Monetary Authority Releases Implementation Guideline on Common QR Code and Announces Launch of Faster Payment System

On September 14, 2018, the Fintech Facilitation Office of the Hong Kong Monetary Authority (HKMA) published the Implementation Guideline on Common QR Code for Retail Payments, which is applicable to payment service providers (PSPs) providing quick response (QR) code payment solutions, to adopt the single and combined QR code standards designed by the Working Group on Common QR Code Standard for Retail Payments in Hong Kong.

The guideline outlines the arrangements to be made to implement the QR standards in merchant-presented QR code payment transactions, covering the main principles, operational and technical support features to be observed by PSPs, which include banks, stored value facilities, and retail payment services.

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial