Visa extends support for QR code payments
Visa has announced its support for EMVCo’s new global QR Code Payment Specifications to help merchants easily adopt new specifications.
The specifications include consumer-presented and merchant-presented QR code use cases for digital payment acceptance. QR codes have been designed as two-dimensional machine-readable barcodes that help make mobile payments at the point-of-sale.
With its mobile payments solution mVisa, the company has enabled the growth of merchant-presented QR code payments across the globe. mVisa allows users to pay for goods and services by scanning a QR code on a smart phone or entering a merchant number into their feature phones.
For merchants, the Visa Ready Program has adopted the interoperable QR standards to develop tools and capabilities that facilitate generation and deployment of QR code merchants by banks, processors and merchant aggregators.
Upon enrollment, merchants can accept payments from any country or bank as mVisa’s interoperability while trusting Visa will securely and efficiently process each transaction.
Visa senior vice president of digital products Sam Shrauger said: “We’ve already seen tremendous progress towards adoption of standardized, interoperable QR code payment systems in the developing world.
“We are working with governments and central banks in countries like India to develop and implement QR code payment solutions that provide the convenience and security that are synonymous with Visa and help the journey toward a cashless future.”
Visa has already enabled the merchant-presented QR technology in 15 countries around the world, with India, Kenya and Nigeria currently live in market with both bank and merchant partners.