meta_id 3046627

The Central Bank of Solomon Islands (CBSI), in partnership with Australia, has commenced nationwide consultations on developing a unified Quick Response (QR) code payment standard for Solomon Islands. The initiative aims to improve interoperability among digital payment providers and expand access to electronic payments, particularly for underserved and financially excluded communities. The proposed unified QR code standard follows recommendations by the National Financial Inclusion Taskforce's Digital Finance Working Group and supports the objectives of the National Financial Inclusion Strategy 3 (2021–2025). It aligns with CBSI's mandate under the Payment Systems Act 2022. The unified QR code is intended to support government payments, person-to-person transfers, and merchant payments, while aligning Solomon Islands' payment systems with global standards and enabling future cross-border payment opportunities. QR code payments are low-cost, easy-to-deploy digital payment solutions. A unified standard ensures QR code payment solutions offered by banks, mobile and e-money providers, and other financial service providers are interoperable, allowing customers to pay for goods and services to merchants using various QR code payment platforms without requiring multiple accounts. By reducing payment frictions and improving customer experience, the unified QR code standard is expected to increase digital payment uptake and strengthen financial inclusion, particularly among market vendors, rural farmers, fishermen, women and young entrepreneurs. The current assessment phase will evaluate both the technical feasibility and market usability of a unified QR code standard. The findings will inform next steps in development and potential implementation of the system. Further information is available from the CBSI on 21791 or info@cbsi.com.sb.

The Central Bank of Solomon Islands (CBSI), in partnership with Australia, has commenced nationwide consultations on developing a unified Quick Response (QR) code payment standard for Solomon Islands. The initiative aims to improve interoperability among digital payment providers and expand access to electronic payments, particularly for underserved and financially excluded communities. The proposed unified QR code standard follows recommendations by the National Financial Inclusion Taskforce's Digital Finance Working Group and supports the objectives of the National Financial Inclusion Strategy 3 (2021–2025). It aligns with CBSI's mandate under the Payment Systems Act 2022. The unified QR code is intended to support government payments, person-to-person transfers, and merchant payments, while aligning Solomon Islands' payment systems with global standards and enabling future cross-border payment opportunities. QR code payments are low-cost, easy-to-deploy digital payment solutions. A unified standard ensures QR code payment solutions offered by banks, mobile and e-money providers, and other financial service providers are interoperable, allowing customers to pay for goods and services to merchants using various QR code payment platforms without requiring multiple accounts. By reducing payment frictions and improving customer experience, the unified QR code standard is expected to increase digital payment uptake and strengthen financial inclusion, particularly among market vendors, rural farmers, fishermen, women and young entrepreneurs. The current assessment phase will evaluate both the technical feasibility and market usability of a unified QR code standard. The findings will inform next steps in development and potential implementation of the system. Further information is available from the CBSI on 21791 or info@cbsi.com.sb.