03 April 2019, Baku: Efforts on creation of the Instant Payment System (IPS) by the CBA are under way as planned, as part of the ‘Introduction of new digital payment technologies’ priority specified in the ‘State Program on expansion of digital payments in the Republic of Azerbaijan for 2018 – 2020’ approved by Decree # 508 of the President of the Republic of Azerbaijan dated 26 September 2018.

At the current phase of the project implementation the Bank has elaborated draft standards of QR Code (Quick Response Code – ISO 18004 based two-dimensional (2D) barcode) implied for individuals and vendors to allow the use of information resources to be integrated to the National Payment System infrastructure in maintaining QR-payments.

Drafts in Azerbaijani and English, as well as frequently asked questions on the QR Code standards are placed on the ‘Legislation/Drafts’ sub-section of the CBA web-site (https://www.cbar.az/page-55/azrbaycan-uzr-qr-code-standarti?language=az). Comments and proposals related to the drafts on the QR Code standards may be sent to ips@cbar.az until 31 May 2019.