An official from the Bank of Russia described the universal QR code as a payments infrastructure standard created to level the playing field for every participant in the payments ecosystem. The concept centers on a single, machine readable code that can initiate payments, settle funds, and verify transactions across banks, fintechs, merchants, and digital wallets with minimal friction. In practical terms, it means a customer scanning a code with a mobile wallet or banking app and seeing a payment completed in seconds, whether they are buying coffee from a local shop or paying an online vendor. A universal code could reduce the need for multiple payment apps or separate customer accounts, creating a smoother experience for shoppers and a more predictable revenue flow for merchants. The initiative would also support developers and platforms by providing a common interface for integration, enabling small businesses to accept digital payments without costly, bespoke setups. The remarks were delivered during a speech at a major fintech forum that gathers policymakers and industry leaders to discuss how payment rails, security standards, and digital currency trends shape consumer experience. By emphasizing a shared framework, the speaker highlighted the goal of fair competition, wider access to digital services, and more resilient payment networks across regions including Canada and the United States and beyond.
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