1. Customer Opens Payment App:
The customer logs into their mobile banking or e-wallet app from their home country.
The customer logs into their mobile banking or e-wallet app from their home country.
2. Scan Merchant QR Code:
The customer scans the merchant’s displayed QR code, which conforms to an interoperable cross-border QR standard.
The customer scans the merchant’s displayed QR code, which conforms to an interoperable cross-border QR standard.
3. Enter Payment Amount:
The customer enters the amount to be paid in the local currency of the merchant.
The customer enters the amount to be paid in the local currency of the merchant.
4. Payment Authorization:
The customer reviews the payment details, including merchant name and amount, then authorizes the payment using the app’s authentication method (e.g., PIN, biometrics).
The customer reviews the payment details, including merchant name and amount, then authorizes the payment using the app’s authentication method (e.g., PIN, biometrics).
5. Transaction Routing and Validation:
The payment request is routed through a secure cross-border clearing and settlement infrastructure, which validates the transaction, performs currency conversion if needed, and ensures compliance with regulatory requirements.
The payment request is routed through a secure cross-border clearing and settlement infrastructure, which validates the transaction, performs currency conversion if needed, and ensures compliance with regulatory requirements.
6. Real-Time Clearance:
Funds are transferred instantly from the customer’s account in their home country to the merchant’s account in the merchant’s country.
Funds are transferred instantly from the customer’s account in their home country to the merchant’s account in the merchant’s country.
7. Confirmation:
Both the customer and merchant receive immediate confirmation of the successful payment.
Both the customer and merchant receive immediate confirmation of the successful payment.