February 1: Nepal Rastra Bank has prepared a draft of Nepal QR Standardization Framework and Guideline for regulating the use of QR code in the country. Although the quick response (QR) code is already in use in the market, the central bank is yet to come up with a policy to regulate its use.

NRB was under pressure from Banks and Financial Institutions (BFIs) and payment service providers to regulate QR code, which is in use since the last three years.

Executive Director of the Payments Department of Nepal Rastra Bank Bhuvan Knadel says the central bank has given special attention to QR code while promoting electronic payment system.

He added that the draft has been prepared in line with international standard and practices.

“We have prepared the QR Code Framework and Guideline and opened the floor for discussion. We are seeking feedbacks from concerned stakeholders including service providers, bank and merchants as well as customers,” said Kandel.

“We are receiving suggestions from some sectors and are still waiting for more feedbacks. The draft will be finalized after collecting feedbacks,” added Kandel.

The draft has a provision that the service providers cannot charge customers for the use of QR Code. However, the service providers can fix a certain charge in the future and the central bank can fix a ceiling, according to the proposed draft. Executive Director Kandel said that such measures were considered so that the customers would not get cheated while also keeping in view that the market trend would not be disrupted.

The draft has also outlined the need to ensure security measures for the electronic transaction.