# CBS QR

> Source: https://docs.barcoder.ai/docs/standards/cbs-qr
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Central Bank of Seychelles](https://www.cbs.sc/)
- [Seychelles EFT (SEFT)](https://seychelleseft.sc/)

## Overview

**CBS QR** refers to **Central Bank of Seychelles (CBS)' QR-payment initiative**, sitting within the broader **Seychelles Electronic Funds Transfer (SEFT)** system — Seychelles' national interbank-funds-transfer infrastructure structured and regulated by CBS <sup>[1][1], [2][2], [Seychelles report](https://docs.barcoder.ai/docs/payments/SC)</sup>. SEFT facilitates **domestic Seychelles-rupee money transfers through a secure online communication channel** among all Seychelles banks + the **Seychelles Credit Union (SCU)**. It also supports **payments from banking institutions to Payment Service Providers (PSPs) such as PayPal and Google Wallet**.

The QR-payment dimension is in **experimental/developing phase** — CBS QR appears to be **CBS's emerging QR-payment standard** intended to ride on or complement the SEFT rail. The Seychellois context is structurally interesting: Seychelles is one of Africa's most-developed tourism-economy small-island states (~98K population), with significant cruise-tourism + luxury-tourism reliance. **QR-payment infrastructure for tourism-payment acceptance** is a strategic priority. **ProgressSoft's Electronic Fund Transfer Solution** powers SEFT — providing the underlying technology. The system is entirely Seychelles-hosted, providing common platform for participating bank members.

## History

**Background — Seychellois payment landscape** <sup>[Seychelles report](https://docs.barcoder.ai/docs/payments/SC)</sup>:
- **Central Bank of Seychelles (CBS)** — central bank.
- Small banking sector (~5-6 commercial banks).
- Tourism-dependent economy.

**SEFT system establishment** <sup>[2][2]</sup>:
- Structured + regulated by CBS.
- All banks + Seychelles Credit Union (SCU).

**ProgressSoft technology**:
- CBS runs live ProgressSoft's Electronic Fund Transfer Solution.

**PSP integration**:
- SEFT supports bank-to-PSP payments (PayPal, Google Wallet).

**CBS QR experimental phase** <sup>[Seychelles report](https://docs.barcoder.ai/docs/payments/SC)</sup>:
- CBS QR / SEFT QR in developing stage.
- Specific launch date + adoption metrics not publicly detailed.

## Technical specification

CBS QR / SEFT is **CBS-regulated interbank EFT + emerging QR layer** <sup>[1][1], [2][2]</sup>:

| Layer | Description |
|---|---|
| **Coordinator** | **Central Bank of Seychelles (CBS)** |
| **System name** | **SEFT** (Seychelles Electronic Funds Transfer) |
| **Technology** | **ProgressSoft** Electronic Fund Transfer Solution |
| **Currency** | SCR (Seychelles rupee) |
| **Participants** | All Seychelles banks + Seychelles Credit Union |
| **Hosting** | Seychelles-hosted |
| **PSP integration** | PayPal, Google Wallet |
| **QR layer** | Experimental/developing |

**Security** <sup>[2][2]</sup>:
- Username + password + bank short name + CAPTCHA.
- 6-digit OTP via SMS for each login.

## Use cases

**Domestic Seychelles-rupee bank transfers** <sup>[2][2]</sup>: Cardinal SEFT use.

**Bank-to-PSP payments (PayPal, Google Wallet)** <sup>[2][2]</sup>: Distinctive feature.

**QR-payment acceptance (developing)** <sup>[Seychelles report](https://docs.barcoder.ai/docs/payments/SC)</sup>: Tourism-focused future expansion.

**Cross-bank within Seychelles** <sup>[1][1]</sup>: Inter-bank fund movement.

## Implementations & ecosystem

**Coordinator**: **Central Bank of Seychelles (CBS)**.

**Technology partner**: **ProgressSoft** (Jordan-based EFT solutions provider).

**Participants**:
- **Seychelles Credit Union (SCU)**.
- Seychelles commercial banks (Mauritius Commercial Bank Seychelles, Absa Seychelles, Bank of Ceylon Seychelles, Seychelles Commercial Bank, others).

**PSPs**: PayPal, Google Wallet.

## Fun facts

- **ProgressSoft technology**: Jordan-based EFT solutions provider — illustrates global fintech-tech vendor reach into small economies.
- **PayPal + Google Wallet integration**: Unusual structural feature — SEFT directly supports bank-to-major-international-PSP payments. Tourism-economy-aligned.
- **Seychelles small economy**: ~98K population — extreme small-island economy.
- **Tourism dependence**: ~25-30 % GDP from tourism — payment-system infrastructure tourism-aligned.
- **CBS QR developing phase**: Limited public documentation reflects early-stage status.
- **SEFT entirely Seychelles-hosted**: Local sovereignty consideration.

## Comparison

| Feature | CBS QR / SEFT (SC) | [MIPS QR](https://docs.barcoder.ai/docs/standards/mips-qr) (MU) | [MauCAS QR](https://docs.barcoder.ai/docs/standards/maucas-qr) (MU) | [M-PAiSA QR](https://docs.barcoder.ai/docs/standards/m-paisa-qr) (FJ) | [BML MobilePay](https://docs.barcoder.ai/docs/standards/bml-mobilepay) (MV) |
|---|---|---|---|---|---|
| Operator | CBS | MIPS | BoM | Vodafone Fiji | Bank of Maldives |
| Type | Interbank EFT + QR (developing) | Universal payment-orchestration | Central-bank switch | MNO mobile money | Bank mobile-banking |
| Currency | SCR | MUR | MUR | FJD | MVR + USD |
| Population | 98K | 1.3M | 1.3M | 900K | 520K |

## Status

**Active SEFT, developing QR layer** <sup>[1][1], [2][2]</sup>:
- **CBS-regulated SEFT** operational.
- **CBS QR experimental/developing**.
- **ProgressSoft technology**.
- **All Seychelles banks + SCU + PSP integrations**.

## Sources

[1]: https://www.cbs.sc/ "Central Bank of Seychelles"
[2]: https://seychelleseft.sc/ "Seychelles EFT"
[3]: https://www.progressoft.com/news/the-central-bank-of-seychelles-runs-live-progresssoft-s-electronic-fund-transfer-solution "CBS × ProgressSoft"

- [1] [Central Bank of Seychelles][1]
- [2] [Seychelles EFT][2]
- [3] [CBS × ProgressSoft][3]
- <sup>[Seychelles report](https://docs.barcoder.ai/docs/payments/SC)</sup> `reports/countries/SC-seychelles.md`

## Deployments

_No country reports mention this standard by name._