Mastercard today outlined plans for greater choice in retail payments through the planned expansion of its QR-based programs. „Beginning this month, the company will broaden its solutions to offer QR codes that can be scanned by either consumers or merchants under a common set of global specifications.”, according to the press release.
Mastercard has worked with EMVCo and other industry players to create a new global QR standard. These standards ensure consistency in QR codes both generated and captured on a consumer’s mobile phone.
“Today’s news builds on the momentum of our QR work in India and Africa,” said Ajay Bhalla, president of global enterprise risk and security, Mastercard. “We look forward to the adoption of the EMVCo global QR standards. In the meantime, we’ll continue to work with our customers and partners to make every device a secure way to pay and be paid.”
The use of QR codes in certain markets complements the extensive investment in contactless payments to provide merchants of all sizes – from international chains to individual shop owners and street vendors – a fast, secure and inexpensive way to accept payments.
Launched in 2016, Masterpass QR already provides people with any type of mobile phone the ability to safely make in-person purchases without a plastic card. A consumer scans a QR code displayed at the merchant’s checkout on their smartphone or by entering a text code into their feature phone.
The company’s consumer-presented solution will allow the merchant to scan a QR code from a smartphone and process the payment through the Mastercard network. It will leverage M/Chip technology to provide a secure way to pay based on EMV infrastructure.
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.”
Many more interesting quotes in the video below:
