Massive payment change: Sarb’s QR+ could simplify checkout nationwide

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Pradeep Maharaj, executive director at the Sarb, said the initiative forms part of the central bank's broader Payments Ecosystem Modernisation (PEM) programme, which aims to create a faster, safer and more inclusive payments environment for all South Africans.

Known as QR+, the new standard is intended to solve one of the biggest frustrations facing digital payments today: the lack of interoperability between payment providers. Consumers are often confronted with multiple QR codes at retailers, each linked to a different payment app or bank, while merchants must support several payment platforms to accommodate customers.

Instead of introducing another payment application, QR+ establishes a common technical standard that allows participating payment providers to communicate using the same QR code. In practice, this means consumers will increasingly be able to pay using their preferred banking or payment app, regardless of which QR code is displayed by the merchant.

The Sarb believes this interoperability will reduce friction at the point of sale while encouraging greater competition among banks and fintech companies.

PayShap integration begins

According to the Reserve Bank's Payments Ecosystem Modernisation strategy, a unified QR standard will lower costs for merchants, improve security and usability, and foster innovation by allowing new entrants to participate without requiring retailers to support proprietary payment systems.

Although branded as QR+, the standard extends beyond QR codes. It has been designed as a flexible framework capable of supporting other payment initiation methods over time, including barcodes, payment links and emerging digital-payment technologies.

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One of the most significant aspects of the initiative is its integration with PayShap, South Africa's real-time interbank payment system. Under the rollout plan, QR+ will first provide the common payment standard and central registry, with PayShap becoming the first payment rail to adopt it.

The Reserve Bank recently released version 1.2 of the QR+ standard, while industry simulator testing is already underway. Cohort-one participants include Absa, Capitec, Discovery Bank, FNB, GoTyme Bank, Investec, Nedbank and Standard Bank as part of the initial PayShap QR+ implementation programme.

Driving financial inclusion

The project is closely aligned with the Sarb's wider ambition to reduce South Africa's reliance on cash while ensuring digital payment options remain affordable and accessible.

Maharaj noted that approximately 62% of South Africans still rely on cash for their daily transactions. Expanding secure, low-cost digital payment options, particularly for underserved communities and small businesses, is viewed as a key step towards improving financial inclusion and supporting broader economic growth.

For merchants, particularly small businesses and informal traders, the new standard could significantly simplify payment acceptance. Rather than displaying multiple QR codes from different providers, businesses will eventually be able to offer a single interoperable QR code that works across participating banks and payment applications.

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The initiative also has the potential to strengthen South Africa's growing fintech sector by lowering barriers to entry. A common payments framework allows innovative payment providers to compete on customer experience and value-added services instead of building proprietary payment ecosystems.

The Reserve Bank has emphasised that QR+ represents foundational infrastructure rather than a consumer-facing product. By creating common technical standards that the industry can adopt collectively, the Sarb hopes to establish a more competitive, efficient and inclusive digital payments ecosystem that supports consumers, businesses and financial institutions alike as South Africa continues its transition towards a modern digital economy.