With the External Circular project, the Colombian Financial Superintendence - SFC intends to expand the range of QR Code operations authorized to be carried out by supervised entities. Specifically, if the External Circular is issued, the supervised entities will be able to carry out both monetary and non-monetary operations with QR Codes. According to the current norm, as of today, supervised entities are limited to carrying out operations with QR Code related only to operations that involve the transfer of monetary resources and this can generate operational limitations.

Additionally, the External Circular project seeks to update the international standards that must be met to the latest version "EMV® QR Code Specification for Payment Systems (EMV QRCPS) Merchant-Presented", in order to provide greater security to these transactions.

Bearing in mind that these rules may promote and/or affect the development of new products or customer digital experiences, we invite our colleagues and customers to review the draft External Circular and submit comments and proposals to the SFC.