The Central Bank of Solomon Islands (CBSI), in partnership with the Australian Government, has formally announced the commencement of the development of the Unified QR Code Standard Project, following the successful endorsement of Phase 2 of the initiative. The Project’s core objective is to establish a single, nationally recognised QR code standard that enables consumers and businesses to seamlessly make and receive payments using a standardised QR code, improving user experience for merchants and customers.
The commencement of the project is a critical milestone in creating an interoperable retail payment infrastructure for Solomon Islands. This milestone reflects the strong support of key stakeholders – including CBSI, financial institutions, other financial service providers, the Solomon Islands Government and the private sector – and their shared confidence in the project’s potential to strengthen the country’s digital payments ecosystem.
Speaking during the announcement ceremony, CBSI Governor Dr. Luke Forau acknowledged Australia’s support.
“I would like to thank the Australian Government for the partnership and technical assistance in ensuring the project’s technical readiness, stakeholder collaboration and engagement to move the project forward.”, Dr. Forau said.
He also thanked stakeholders for their confidence, while emphasising that the achievement of successive phases will rely on sustained collaboration between a wide range of stakeholders, including commercial banks, mobile money operators, payment service providers, private sector, and relevant government agencies.
In support of the initiative, Australia’s Deputy High Commissioner, Andrew Schloeffel emphasised the importance of the project.
“Supporting a common language across banks, mobile money and payment providers is part of Australia’s commitment to supporting inclusive economic growth, helping speed up payments, reduce queues and make everyday transactions easier in Solomon Islands. The Australian Government is pleased to support this initiative, with its commencement representing a critical juncture for interoperable digital payments”, Mr. Schloeffel said.
According to CBSI, Phase 2 of Solomon Islands’ unified QR code will include the co-development of technical standards and business rules with key stakeholders in the financial sector.
As the project moves forward, the next phase of work will focus on system technical integration with current financial sector stakeholders who are ready. Pilot testing will be conducted to validate the functionality and interoperability of the system, followed by gradual rollout to merchants and consumers. Public awareness and education initiatives will also be undertaken to promote understanding and adoption of the unified QR code system, ensuring that users are well-informed about its benefits and usage.
By reducing payment frictions and improving the customer experience, a unified QR code standard is expected to increase the uptake of digital payments and strengthen financial inclusion nationwide.
ENDS///….
Media enquiries: Rabia Sharif, Australian High Commission, 7737294 or the Central Bank of Solomon Islands (CBSI) on 21791 or Email: info@cbsi.com.sb | Website: www.cbsi.com.sb