LatamList – QR code technology recently launched in Paraguay as a socially-distanced payment method for banks and online businesses. The Central Bank of Paraguay (BCP), the Banking Association of Paraguay (ASOBAN), and Bancard, a major bank in the country, announced the expansion of QR codes during a press conference.
Most banks in Paraguay and more than 2,500 businesses now use this type of technology. With the new agreement, any established business can make use of QR codes from street vendors, to entrepreneurs and major supermarket chains.
The introduction of QR codes aims to improve digital payment services in the country, facilitate contactless payments, and promote financial inclusion. Most banking apps and banks already offer payment with QR codes, making the transition easier for customers.
“This move will add to the efforts of creating a more digital and competitive economy in our country so that we may continue to provide innovative opportunities for all of society,” said José Cantero, President of BCP.
For small retailers, the use of QR codes means greater ease in accepting payments as it permits card transactions and bank transfers with only the need for the code. Payments are processed within 48 hours, or in real-time with a debit card.
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