Mastercard, UnionPay International and Visa have introduced a Standardized Quick Response (QR) Code for payments, to foster the transition to a cashless society in Thailand.
The Standardized QR Code supports the Bank of Thailand’s cashless agenda to drive innovation, interoperability, and security in payments.
In order to pay, consumers holding a Mastercard, UnionPay, or Visa card can simply use a mobile application with Standardized QR Code support to scan the merchant-presented QR code. QR Code works on both smart phones and feature phones with camera function.
By establishing standard specifications for QR code payments, consumers and merchants in Thailand now have more options to pay electronically without compromising on security and convenience. The Standard QR Code is simple to set up and use and provides three benefits.
First, consumers will not need to scan different QR codes to make payments with Mastercard, UnionPay and Visa. Merchants will only need to display one QR code at the storefront or through the acquiring bank’s mobile application.
Second, by routing the transactions through global-standard processing networks, consumers can enjoy a fast, convenient and secure payment experience.
Third, the standards are intended to be globally interoperable and with the right mobile application consumers will be able to use the same standard QR code to make payments everywhere the standards have been adopted.
The Standardized QR Code is intended to be implemented by banks and merchants across Thailand by the Q3 of 2017 and will contribute to the financial sector’s Electronic Data Capture (EDC) expansion initiatives under the National e-Payment Roadmap introduced by Ministry of Finance.