The central bank of China is planning to start regulating QR code payments in the country. The plan also includes barcodes and any other form of codes that can be scanned. The country will initially be capping payments to 500 Yuan, equivalent to about US $76. Once the country is able to take more security measures, the cap could then be raised to 5000 Yuan, the equivalent of $765. For the highest of security levels, the country will be allowing banks to decide the cap.
What’s quite unlike China here is that The People’s Bank of China doesn’t have many strict rules about this yet.
What’s quite unlike China here is that The People’s Bank of China doesn’t have many strict rules about this yet. There will be some guidelines for things that the bank should do though. An industry group including experts has been created on how businesses can use QR codes and the steps that will be needed for improving security. One of the central bank’s primary concerns is static codes, which do not change over time and are easier to tamper with.
Also, the bank wants tokenization, expiry dates and anti-counterfeit measures to be adopted for QR code payments. The use of encryption, risk monitoring, frequent updates and security software have also been asked for. What’s unclear right now is when this plan will begin to materialise, though it shouldn’t be very long now.