What is the “Universal QR” that is currently being piloted? How will it work? How will its implementation affect businesses and consumers?

In recent years, QR codes have become an integral part of everyday life. Their popularity has increased significantly during the Covid-19 pandemic, which has contributed to the widespread adoption of this tool for paying for goods and services. However, with the increase in the number of payment services, there has also been an increase in the number of QR codes that consumers encounter, which can create certain inconveniences. Currently, NSPK is conducting pilot testing of a new service – “Universal QR”, which promises to simplify the payment process for users.

This QR code will unite various payment services, allowing buyers to make purchases quickly and conveniently, regardless of their preferences in choosing a payment instrument.

We talked about what “Universal QR” is and how it will work with Mikhail Zubakin, Director of the Payment Systems Department at Right Line.

What is a Universal QR code? How did the idea of ​​creating it come about?

In our country, there is a rapid growth in the number of different QR codes, each of the payment services is developing its own versions (for example, SBP QR, SberPay QR, T-Pay QR and others). This creates difficulties when paying for users who are faced with the need to choose from a variety of QR codes.

To simplify the payment process and make it more convenient, NSPK has developed a solution – Universal QR, which combines different payment instruments, including the Digital Ruble, offering a single and clear user path for making a payment.

The principle of operation of the Universal QR code is quite simple: the client scans it using a mobile device and gets to a special “distribution” page. This page contains payment buttons with all available payment instruments for a specific trade and service enterprise (TSE). The user can choose the most suitable payment method from the proposed list, and when choosing a payment instrument, the current loyalty programs for this user are applied.

Which banks will be able to provide their clients with the opportunity to use the Universal QR code?

At the moment, 20 banks are participating in the pilot project. It is likely that in the future, the Universal QR may repeat the history of the SBP and become mandatory for systemically important banks and banks with a universal license.

What needs to be done to implement a single QR code in banks?

Russian banks will unite in a consortium to create a single payment QR code To begin with, it is worth noting that there are two ways: the first is that the bank can independently modify the software on its side if it has the appropriate resources. And the second is to attract a vendor who will provide a ready-made solution and carry out the implementation work.

If the bank decides to go the first way, then it needs to make the following improvements:

— in terms of acquiring – implement the payment functions of the Universal QR on terminals and payment forms, and in terms of issuance – support the ability to scan the Universal QR and display the “distribution” page with payment instruments in the bank’s RBS (remote banking services).

— integration with the NSPK will also be required to register payment instruments available to TSPs, request the Universal QR and receive the payment status. Such improvements can be made in the bank’s current solution used for SBP operations.

— and finally, if the bank has connections to PAY services or a solution for the Digital Ruble, and these payment buttons must be present on the distribution page, then improvements will also be required here.

Everything that I listed above are the steps that the bank needs to take to independently refine and implement the Universal QR, as you can see, the scale of the project is quite large and has certain risks.

On the other hand, the bank can take the second path and contact a software vendor that will provide a ready-made solution for connecting to the Universal QR and perform work on its implementation. In this case, the bank reduces the project implementation time and removes technological risks from itself.

A new form of currency, the digital ruble, is currently being tested. Will the Universal QR work with it too?

First of all, the Universal QR will support the FPS, with the digital ruble coming in second place, and then all other payment services. That is, this is one of the goals of creating a single QR code – the digital ruble will be integrated into it, among other things.

I would also like to draw attention to the fact that the Universal QR is actually the only QR code for the Digital Ruble, which does not yet have its own QR.

How will the Universal QR affect businesses and consumers? What benefits will individuals receive from using a single QR code?

I believe that the creation and implementation of a single QR code will have a positive impact on business, since a “standardized showcase” of all available payment instruments is created, and it turns out that businesses are already competing on this single payment page with the help of their individual advantages that they can provide to the client (discounts, cashback, etc.). That is, we can say that businesses are provided with equal conditions for competition, and then the choice is up to the buyer.

For customers, the Universal QR is, of course, convenient. They will no longer have to scan many different QR codes, think whether they have opened the right application, etc., all payment methods will be collected in one place.

What is the principle of payment when scanning the Universal QR? Are there any risks associated with theft of customers’ personal data at this stage?

When scanning the Universal QR, the client is taken to a special page that displays only payment services, and by selecting one of them, the user is redirected to the banking application, where he will need to go through authorization, for example, using a special password or biometric data. Accordingly, there is no risk of theft of personal data at the stage of scanning the Universal QR, and the order to make a transfer is carried out in the authorized zone.

Are there any forecasts about the mass use of a single QR code? When will users be able to test the new service?

The Universal QR will become available to a wide audience after the completion of the pilot operation stage. According to plans, this should happen at the end of September this year, but for now this is still an approximate date. In addition, as it happens with any product that is brought to the market, it will take some time for people to learn about the new service and appreciate all its benefits.

The Universal QR can significantly improve the payment process by combining all payment services in one place. When making purchases, users will be able to choose the most convenient payment method for them in a single interface, which will significantly simplify the customer journey.

It is also expected that one of the payment methods through the Universal QR, along with the rest, will be the digital ruble. This is an excellent opportunity for users to get acquainted with and test a new payment method.

Business, in turn, will receive equal opportunities for competition, since all payment services will be collected on one page. At the same time, all bonuses offered by certain payment instruments will be saved, and the buyer will only have to choose the most advantageous option.

I believe that the creation and implementation of a single QR code will have a positive effect on business, since a “standardized showcase” of all available payment instruments is created, and it turns out that business is already competing on this single payment page with the help of its individual advantages that it can provide to the client (discounts, cashback, etc.). That is, we can say that business is provided with equal conditions for competition, and then the choice is up to the buyer.

Source: NEW RETAIL