Payments standards body EMVCo has published “EMVCo QR Code Specification for Payment Systems: Consumer-Presented Mode”, a technical specification that marks the organization’s first move into standardizing the use of QR codes for mobile payments.
“EMVCo’s activity in this area is providing specifications pertaining to the use of QR code for payment purposes,” the standards body says. “To this end, the QR code serves as a one-way communication between the point of interaction and a mobile application in a consumer device. EMVCo’s areas of focus are consumer-presented QR codes and merchant-presented QR codes.”
The move to creating an international standard for QR code payments has been driven by EMVCo member UnionPay which describes the new specification as “a new breakthrough in promoting international application of China’s payment standard.”
“UnionPay has taken the lead in promoting the issuing of the specification,” UnionPay explains. “Back in June 2016, UnionPay proposed to EMVCo to establish a safe, interoperable and open QR code payment system.
“EMVCo formed a working group for evolving the QR code specification and appointed UnionPay as the group leader in the next month. Drawing upon China’s experience in developing QR code payment solutions, and based on the UnionPay QR Code Payment Specification, UnionPay led the group in drawing up the final technical solution.”
“Next, UnionPay will accelerate to promote its QR code products and services in markets outside mainland China.”
EMVCo is the global technical body that facilitates the worldwide interoperability and acceptance of secure payment transactions by managing and evolving the EMV Specifications and related testing processes. The specifications are designed to be flexible and can be adapted regionally to meet national payment requirements and accommodate local regulations. EMVCo makes the EMV Specifications available on a royalty-free basis to all industry participants and to the public. EMVCo is collectively owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa.
Source: nfcworld.com
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
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