The payment system in Serbia continues its modernization with another step in the implementation of the instant payment system (IPS). Enablement of instant payments at merchant’s point of sale using a QR code this autumn (phase 2) follows after the successful launch of standard funds transfer from one account to another that can be completed in a few seconds via electronic/mobile banking.
A new challenge has been to upgrade the instant payment system, which was implemented on the market only recently. Asseco SEE and Payment in synergy worked on aligning two sides in the process. On one hand, important changes were made in applications, segments within banks’ systems and IPS upgrade. On the other, modifications and upgrades were also required within merchants’ systems and POS terminals to provide possibilities for instant payments using a QR code. The final goal has been to establish a single system that enables instant payments at merchant’s point-of-sale in a reliable, easy and quick manner.
Working together with their clients on making IPS Phase 2 possible, Asseco SEE and Payten are expecting full production in more than 12 banks on the local market soon. In addition to numerous software changes and new system components that connect the bank, the system of the National Bank of Serbia and point of sale, instant payment in shops requires huge process changes for both banks and merchants.
QR code payments
IPS Phase 2 enables participants to complete transactions via QR code, which is a graphic presentation of a payment order that already contains filled-in data.
On one hand, it provides new payment possibilities for banks’ end-customers. Using a mobile banking application, end-customers can scan a QR code generated at POS terminal and initiate payment through the existing mobile banking application.
On the other hand, implementation of IPS Phase 2 also introduces the opportunity for merchants to use their smart devices or existing scanners connected to a PC cash register in order to scan the QR code generated within end-customers’ mobile banking application and to trigger the payment.
As soon as QR code payments are available, Payten will continue the activities in this domain. The next phase is expected to focus on enabling instant payments based on NFC technology, IPS at ATMs, virtual instant payments (webshops), etc.