New draft external circular regulates payments with QR codes in Colombia

The Colombian Finance Authority has published Draft External Circular No. 03 of 2019 with the aim of promoting alternative ways to make electronic payments, consolidating the standardization and interoperability of payments systems, continuing the process of strengthening financial inclusion and reducing the use of cash.

This draft circular issues instructions related to security and quality when it comes to making electronic payments via QR codes, establishing a number of requirements for companies that offer this form of payment.

The period for submitting comments expires on February 25, 2019 and the draft external circular can be consulted at the following link.