PayMV QR

PayMV QR Code Standard Overview

PayMV QR is the National QR Code Standard, introduced by the MMA to drive the adoption of Favara and other digital payment solutions in the Maldives.

Based on the EMVCo QRCPS standard, PayMV QR Code is also introduced with the objective of establishing uniformity among the QR codes used by payment service providers, enabling a convenient and efficient alternative channel for initiating and accepting digital payments between different parties.

Enabling merchant acceptance of digital payments is a key driver of the overall development of the digital economic ecosystem and a crucial factor in promoting its adoption. A common QR Code standard for retail payments will promote interoperability and facilitate payments across different payment schemes, electronic money wallets, and banks, thereby encouraging merchants to adopt QR codes as a payment method.

Additionally, PayMV QR Codes offer several key benefits for payment processing, including increased speed and efficiency, enhanced security, cost-effectiveness, and improved customer experience. Moreover, the introduction of PayMV QR Codes will also provide a platform to address gaps in the ecosystem by offering affordable alternative solutions for smaller merchants.

By leveraging Favara and introducing the PayMV QR Code Standard, MMA is providing a platform to foster innovation and expand access to payment and financial services. Together, QR Codes and Favara will help promote the broader adoption of mobile retail payments in the Maldives by enabling interoperability and providing a consistent, improved user experience for both merchants and consumers.