A QR code payment is a
mobile payment
Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cas ...
method where payment is performed by scanning a
QR code from a
mobile app
A mobile application or app is a computer program or software application designed to run on a mobile device such as a smartphone, phone, tablet computer, tablet, or smartwatch, watch. Mobile applications often stand in contrast to desktop appli ...
. This is an alternative to doing
electronic funds transfer at point of sale
Electronic funds transfer at point of sale, abbreviated as EFTPOS (), is a type of payment transaction in which electronic funds transfers (EFT) are processed at a point of sale (POS) system or payment terminal usually via payment methods such as ...
using a
payment terminal
A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payme ...
. This avoids a lot of the infrastructure traditionally associated with electronic payments such as
payment card
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and ...
s,
payment network
A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that mak ...
s, payment terminal and
merchant account
A merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for th ...
s.
To make a QR code payment, the consumer scans the QR code displayed by the merchant with their smartphone to pay for their goods.
They enter the amount they have to pay and finally submit.
This is a more secure
card-not-present method than others.
History
The QR code system was invented in 1994 by
Masahiro Hara from the Japanese company
Denso Wave.
In December 2010, the first documented description of QR code-based payments came from two patents filed by Shaun Cooley and Andrew Charles Payne, based on a prototype system developed for
Norton Labs at
Symantec Symantec may refer to:
* Gen Digital, an American consumer software company formerly known as Symantec
* Symantec Security, a brand of enterprise security software purchased by Broadcom
Broadcom Inc. is an American multinational corporation, ...
called Norton Mobile Pay. describes a payment mechanism where a website displays a QR code and a mobile device's camera is used to read the code and complete the payment. describes payment mechanisms where a
payment terminal
A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payme ...
displays a QR code that is scanned by a mobile device, a mobile device displays a QR code that is scanned by a payment terminal, and a mobile device displaying a QR code that is scanned by another mobile device. These patents have since been cited by companies like
Wells Fargo
Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important fi ...
,
Google
Google LLC (, ) is an American multinational corporation and technology company focusing on online advertising, search engine technology, cloud computing, computer software, quantum computing, e-commerce, consumer electronics, and artificial ...
,
Microsoft
Microsoft Corporation is an American multinational corporation and technology company, technology conglomerate headquartered in Redmond, Washington. Founded in 1975, the company became influential in the History of personal computers#The ear ...
,
IBM
International Business Machines Corporation (using the trademark IBM), nicknamed Big Blue, is an American Multinational corporation, multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is ...
,
United States Postal Service
The United States Postal Service (USPS), also known as the Post Office, U.S. Mail, or simply the Postal Service, is an independent agencies of the United States government, independent agency of the executive branch of the federal governmen ...
,
Apple
An apple is a round, edible fruit produced by an apple tree (''Malus'' spp.). Fruit trees of the orchard or domestic apple (''Malus domestica''), the most widely grown in the genus, are agriculture, cultivated worldwide. The tree originated ...
,
Capital One
Capital One Financial Corporation is an American bank holding company founded on July 21, 1994, and specializing in credit cards, auto loans, banking, and savings accounts, headquartered in Tysons, Virginia, with operations primarily in the ...
, and
Toast. There are no records of Symantec,
Gen Digital
Gen Digital Inc. (formerly Symantec Corporation and NortonLifeLock Inc.) is a multinational software company co-headquartered in both Prague, Czech Republic (European Union, EU) and Tempe, Arizona (United States, USA). The company provides comp ...
,
CA Technologies
CA Technologies, Inc., formerly Computer Associates International, Inc., and CA, Inc., was an American multinational corporation, multinational enterprise software developer and publisher that existed from 1976 to 2018. CA grew to rank as one o ...
, or
Broadcom
Broadcom Inc. is an American multinational corporation, multinational designer, developer, manufacturer, and global supplier of a wide range of semiconductor and infrastructure software products. Broadcom's product offerings serve the data cen ...
attempting to enforce these patents in court.
The first mobile wallet app for
cryptocurrency
A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Individual coin ownership record ...
Bitcoin
Bitcoin (abbreviation: BTC; Currency symbol, sign: ₿) is the first Decentralized application, decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 when an unknown entity published a white paper under ...
featured the ability to send and receive payments with QR codes in March 2011. In 2011, Chinese company
Alipay
Alipay () is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company ...
designed a QR code payment method which allowed partnering offline stores to accept payment by scanning an individual's QR code in Alipay Wallet. In 2014, Chinese technology company
Tencent
Tencent Holdings Ltd. ( zh, s=腾讯, p=Téngxùn) is a Chinese Multinational corporation, multinational technology Conglomerate (company), conglomerate and holding company headquartered in Shenzhen. It is one of the highest grossing multimed ...
introduced a similar feature on its messaging app
WeChat
WeChat or Weixin in Chinese ( zh, c=微信, p=Wēixìn , l=micro-message) is an instant messaging, social media, and mobile payment mobile app, app developed by Tencent. First released in 2011, it became the world's largest standalone mobile a ...
to allow its users to make QR code payments. QR code payment has helped
mobile payment
Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cas ...
become the most popular method of payments in China, accounting for 83% of all payments as of 2018. Nearly all shops, street vendors, most
metro systems
This list of metro systems includes electrified rapid transit train systems worldwide. In some parts of the world, metro systems are referred to as subways, undergrounds, tubes, mass rapid transit (MRT), metrô or U-Bahn. 204 cities in 65 cou ...
,
bus
A bus (contracted from omnibus, with variants multibus, motorbus, autobus, etc.) is a motor vehicle that carries significantly more passengers than an average car or van, but fewer than the average rail transport. It is most commonly used ...
es, and
taxis
A taxis (; : taxes ) is the motility, movement of an organism in response to a Stimulus (physiology), stimulus such as light or the presence of food. Taxes are innate behavioural responses. A taxis differs from a tropism (turning response, often ...
in
Mainland China
"Mainland China", also referred to as "the Chinese mainland", is a Geopolitics, geopolitical term defined as the territory under direct administration of the People's Republic of China (PRC) in the aftermath of the Chinese Civil War. In addit ...
accept either
WeChat Pay
WeChat Pay, officially referred to as Weixin Pay ( zh, c=微信支付, p=Wēixìn Zhīfù) in China, is a mobile payment and digital wallet service by WeChat based in China that allows users to make mobile payments and online transactions. As ...
,
Alipay
Alipay () is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company ...
, or
Cloud QuickPass for payment.
In 2012, the
Czech
Czech may refer to:
* Anything from or related to the Czech Republic, a country in Europe
** Czech language
** Czechs, the people of the area
** Czech culture
** Czech cuisine
* One of three mythical brothers, Lech, Czech, and Rus
*Czech (surnam ...
branch of
Raiffeisen Bank International
Raiffeisen Bank International (RBI) is a key entity of the decentralized Raiffeisen Banking Group in Austria, acting both as the latter's domestic central financial entity and as the holding company for all the group's operations outside of Aus ...
developed the
Short Payment Descriptor
Short Payment Descriptor (SPAYD, SPD) is a compact data format for an easy exchange of payment information using modern electronic channels, such as smart phones or NFC devices.
Usage
Practically, the format is being deployed in the Czech Repub ...
format for exchanging payment information via QR codes. The format was soon adopted by other Czech banks as well as the Czech Banking Association as the national standard for QR code payments. SPD can technically be used with any bank using
IBAN
IBAN or Iban or Ibán may refer to:
Banking
* International Bank Account Number
Ethnology
* Iban culture
* Iban language
The Iban language () is spoken by the Iban, one of the Dayak ethnic groups who live in Brunei, the Indonesian provinc ...
account numbers, although in practice it is only used within Czechia.
In 2014, Chinese technology company
Tencent
Tencent Holdings Ltd. ( zh, s=腾讯, p=Téngxùn) is a Chinese Multinational corporation, multinational technology Conglomerate (company), conglomerate and holding company headquartered in Shenzhen. It is one of the highest grossing multimed ...
introduced a new feature on its messaging app
WeChat
WeChat or Weixin in Chinese ( zh, c=微信, p=Wēixìn , l=micro-message) is an instant messaging, social media, and mobile payment mobile app, app developed by Tencent. First released in 2011, it became the world's largest standalone mobile a ...
to allow its users to make payments. This was introduced via in-app
online wallet and a QR Code payment system resulting in major uptake in QR code payment services in China.
In 2017, the
National Payments Corporation of India
National Payments Corporation of India (NPCI) is an Indian public sector company that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Associa ...
(NPCI) launched
BharatQR
BharatQR, developed by NPCI, Mastercard, and Visa, is an integrated payment system in India for mobile device. The system was launched in September 2016. It facilitates users to transfer their money from one source to another. The money trans ...
as a single, interoperable QR code that could be used for making payments to and from bank accounts using
UPI
United Press International (UPI) is an American international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines, radio and television stations for most of the 20th ce ...
and wallets. It works alongside QR codes from wallet providers as well as card providers such as Visa's
mVisa and Mastercard's Masterpass.
In 2020,
PayPal
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support E-commerce payment system, online money transfers; it serves as an electronic alter ...
announced the ability to pay with QR codes in its mobile app.
Usage by industry
Transportation
China
Most
metro systems
This list of metro systems includes electrified rapid transit train systems worldwide. In some parts of the world, metro systems are referred to as subways, undergrounds, tubes, mass rapid transit (MRT), metrô or U-Bahn. 204 cities in 65 cou ...
,
bus
A bus (contracted from omnibus, with variants multibus, motorbus, autobus, etc.) is a motor vehicle that carries significantly more passengers than an average car or van, but fewer than the average rail transport. It is most commonly used ...
es, and
taxis
A taxis (; : taxes ) is the motility, movement of an organism in response to a Stimulus (physiology), stimulus such as light or the presence of food. Taxes are innate behavioural responses. A taxis differs from a tropism (turning response, often ...
in
Mainland China
"Mainland China", also referred to as "the Chinese mainland", is a Geopolitics, geopolitical term defined as the territory under direct administration of the People's Republic of China (PRC) in the aftermath of the Chinese Civil War. In addit ...
accept either
WeChat Pay
WeChat Pay, officially referred to as Weixin Pay ( zh, c=微信支付, p=Wēixìn Zhīfù) in China, is a mobile payment and digital wallet service by WeChat based in China that allows users to make mobile payments and online transactions. As ...
or
Alipay
Alipay () is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company ...
for payment. The national railway operator,
China Railway
China State Railway Group Co., Ltd., doing business as China Railway (CR), is the national passenger and freight railroad corporation of the China, People's Republic of China.
China Railway operates passenger and freight Rail transport in Chi ...
, also accepts the two major apps for payment.
Hungary
qvik enables payment within
Hungarian National Bank
The Hungarian National Bank ( , MNB) is the central bank of Hungary and as such part of the European System of Central Banks (ESCB). It was established in 1924 as a successor entity of the Austro-Hungarian Bank, under the economic assistance ...
's
Instant payment
Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times o ...
system (AFR) by scanning a QR code, approving a payment request, NFC-based touch or clicking on a deep link within a mobile application. In addition to offering the same fast and secure payment as credit card systems for both purchases and bill payments, qvik is free for consumers and significantly cheaper for merchants than existing payment methods. Using qvik ensures payment security as the service is operated by Hungarian companies and user data remains within the country's borders.
India
Line 1 of the
Mumbai Metro
The Mumbai Metro is a rapid transit system serving the city of Mumbai and the wider Mumbai Metropolitan Region in Maharashtra, India.
While the Maharashtra Metro Rail Corporation Limited is responsible for all metro rail projects being develope ...
in India allows users to purchase a ticket on their phones using QR code payments. Instead of swiping an RFID card or single-use token, a QR code is generated on the
Paytm
Paytm (an acronym for "Pay Through Mobile") is an Indian Multinational corporation, multinational Fintech, financial technology company, that specializes in digital wallet, digital payments and financial services, based in Noida, India. Paytm ...
app which is then read by a scanner mounted on the turnstile.
Malaysia
QR code payment is becoming increasingly popular recently in Malaysia as a convenient and secure way to pay for transportation services.
KTM ETS
The KTM ETS, commercially known as ETS (Electric Train Service), is an inter-city rail, inter-city higher-speed rail service in Malaysia operated by Keretapi Tanah Melayu (KTM). The KTM ETS is the second electric train service to be operated by t ...
and
KTM Komuter Northern Sector
The ''KTM Komuter Northern Sector'' () is one of the five KTM Komuter services run by Malaysian rail operator Keretapi Tanah Melayu (KTM). The service was introduced on 11 September 2015 following the completion of the Ipoh-Padang Besar Electr ...
, as well as
KLIA Ekspres
The KLIA Ekspres is an express airport rail link servicing the Kuala Lumpur International Airport (KLIA) in Malaysia. It runs from KL Sentral, the main railway station of Kuala Lumpur, to KLIA's KLIA T1 ERL station, Terminal 1 and KLIA T2 ERL ...
and
Penang Ferry Service
The Penang ferry service is a public ferry system in the States and federal territories of Malaysia, Malaysian state of Penang. It operates within the Penang Strait and connects George Town, Penang, George Town with mainland Seberang Perai. Operat ...
, are all offering QR code payments to their passengers.
As Malaysia continues to modernize its transportation infrastructure, it is likely that more services including
Rapid KL
Rapid KL (stylized as ''rapidKL'') is a public transportation system owned by Prasarana Malaysia and operated by its subsidiaries Rapid Rail and Rapid Bus. The acronym stands for , which translates to Kuala Lumpur Integrated Rapid Transit Net ...
will adopt QR code payments to enhance the passenger experience and streamline operations.
Philippines
QR code tickets, named beep QR, were introduced in
LRT-1 on 1 June 2023 by AF Payments, Inc., the operator of
beep
The Blocks Extensible Exchange Protocol (BEEP) is a framework for creating network application protocols. BEEP includes building blocks like framing, pipelining, multiplexing, reporting and authentication for connection and message-oriented pee ...
card, in partnership with
Maya
Maya may refer to:
Ethnic groups
* Maya peoples, of southern Mexico and northern Central America
** Maya civilization, the historical civilization of the Maya peoples
** Mayan languages, the languages of the Maya peoples
* Maya (East Africa), a p ...
, an e-wallet app. QR tickets can be bought on the Maya app or ikotMNL app. Each LRT-1 station is equipped with at least 1 QR code-enabled gate.
Indonesia
Indonesia has adopted a QR code payment system in the transportation sector to improve convenience and efficiency for commuters. Jakarta's MRT and TransJakarta bus systems now support payment via QR code Indonesian Standard (QRIS). This promotes a cashless society and mobile payments in Indonesia.
Integrated QR code payment systems
ASEAN Integrated QR Code Payment System
This integrated QR code payment system allows people to make transactions with banks or e-money that supports their local integrated QR code payment system in any of the participating countries. The ASEAN Integrated QR Code Payment System is part of ASEAN Local Currency Transaction (LCT) Framework, an initiave aimed at using local currencies and reduced dependence on certain currencies, particularly the US dollar, in cross-border transaction among ASEAN countries. Local currencies are used, meaning that transactions in Thailand using an Indonesian payment app will directly exchange
rupiah
The rupiah (Currency symbol, symbol: Rp; ISO 4217, currency code: IDR) is the official currency of Indonesia, issued and controlled by Bank Indonesia. Its name is derived from the Sanskrit word for silver, (). Sometimes, Indonesians also inform ...
with
baht
The baht (; , ; currency sign, sign: ฿; ISO 4217, code: THB) is the official currency of Thailand. It is divided into 100 ''satang'' (, ). Prior to decimalisation, the baht was divided into eight ''fueang'' (, ), each of eight ''at'' (, ). The ...
. Currently, four of the QR code payment systems in
ASEAN
The Association of Southeast Asian Nations,
commonly abbreviated as ASEAN, is a regional grouping of 10 states in Southeast Asia "that aims to promote economic and security cooperation among its ten members." Together, its member states r ...
are connected (
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...
,
Malaysia
Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...
,
Singapore
Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...
and
Thailand
Thailand, officially the Kingdom of Thailand and historically known as Siam (the official name until 1939), is a country in Southeast Asia on the Mainland Southeast Asia, Indochinese Peninsula. With a population of almost 66 million, it spa ...
). Philippines are also planning to integrate their QR payment systems.
On 30 June 2024, the four ASEAN central banks,
Central Bank of Malaysia
The Central Bank of Malaysia (BNM; ; Jawi: ) is the Malaysian central bank. Established on 26 January 1959 as the Central Bank of Malaya (''Bank Negara Tanah Melayu''), its main purpose is to issue currency, act as the banker and advisor to the ...
,
Bank of Thailand
The Bank of Thailand (BOT; Abbreviation, abbr. ธปท.; , ) is the central bank of Thailand.
History
The Bank of Thailand (BOT) was first set up as the Thai National Banking Bureau. The Bank of Thailand Act was promulgated on 28 April 1942 ...
,
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...
, and
Monetary Authority of Singapore
The Monetary Authority of Singapore or (MAS), is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as ...
, together with the
Reserve Bank of India
Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...
and the
Bank for International Settlements
The Bank for International Settlements (BIS) is an international financial institution which is owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central bank ...
signed an agreement as founding members of ''Project Nexus'', a multilateral international initiative aimed at enabling retail cross-border payments.
Bank Indonesia
Bank Indonesia (BI) is the central bank of the Republic of Indonesia. It replaced in 1953 the Bank of Java (, DJB), which had been created in 1828 to serve the financial needs of the Dutch East Indies.
History
Bank of Java
King William ...
participated as a special observer. The platform, which is expected to go live by 2026, will interlink domestic fast payment systems of the member countries.
As of April 2025, all
ASEAN
The Association of Southeast Asian Nations,
commonly abbreviated as ASEAN, is a regional grouping of 10 states in Southeast Asia "that aims to promote economic and security cooperation among its ten members." Together, its member states r ...
member states have launched their unified QR code payment systems, except for
Brunei
Brunei, officially Brunei Darussalam, is a country in Southeast Asia, situated on the northern coast of the island of Borneo. Apart from its coastline on the South China Sea, it is completely surrounded by the Malaysian state of Sarawak, with ...
. The following are QR Payment systems that are in or soon will be in the integrated payment system.
DuitNow QR
DuitNow (launched in December 2018) allows all participating banks and e-wallets in Malaysia to use the same QR Code for transactions.
It is launched by
PayNet under the
Bank Negara Malaysia's Interoperable Credit Transfer Framework (ICTF). Some of the banks and e-wallets that support this payment system are
Maybank
Malayan Banking Berhad (doing business as Maybank) is a Malaysian universal bank, with key operating "home markets" of Malaysia, Singapore, and Indonesia. According to the 2020 Brand Finance report, Maybank is Malaysia's most valuable bank b ...
,
Hong Leong Bank,
CIMB
CIMB Group Holdings Berhad () is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN. CIMB Group is an indigenous ASEAN investment bank. CIMB has a wide retail branch network with 1,080 branch ...
,
HSBC
HSBC Holdings plc ( zh, t_hk=滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business li ...
,
Touch 'n Go eWallet,
GrabPay, Setel,
ShopeePay,
OCBC,
UOB,
ICBC
The Industrial and Commercial Bank of China (ICBC; zh, 中国工商银行) is a Chinese partially state-owned multinational banking and financial services corporation headquartered in Beijing, China. It is the largest of the " big four" banks ...
, and more.
KHQR
KHQR is Cambodia national QR payment standard part of Bakong System launched in 26 June 2020. KHQR is developed by National Bank of Cambodia and Soramitsu (Japanese-Swiss fintech company).
LAO QR
LAO QR is a unified QR payment system in Laos. The Bank of the Lao PDR held an official launch of LAO QR on 29 January 2020.
MMQR
MyanmarPay (MMQR) is a unified QR code payment system in Myanmar. MyanmarPay owned and regulated by the
Central Bank of Myanmar and operated by PayPlus Co., Ltd.
QR Ph
QR Ph is the QR code standard in the Philippines, approved by the Philippines Payment Management, inc. (PPMI) in accordance with circular 1055 of the
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...
. The system is based on the
Europay-Mastercard-VISA (EMVCo) standard, allowing one QR Code to serve transactions from different banks and e-wallets.
QRIS (Quick Response Code Indonesian Standard)
QRIS (launched in August 2019) is a standardized national QR payment system for Indonesia launched by
Bank Indonesia
Bank Indonesia (BI) is the central bank of the Republic of Indonesia. It replaced in 1953 the Bank of Java (, DJB), which had been created in 1828 to serve the financial needs of the Dutch East Indies.
History
Bank of Java
King William ...
on August 17, 2019. All payment services in Indonesia required to support QRIS, this include
GoPay,
OVO,
Dana,
ShopeePay,
BCA,
BNI,
BRI,
Mandiri
PT Bank Mandiri (Persero) Tbk or Bank Mandiri, headquartered in Jakarta, is the largest bank in Indonesia in terms of assets, loans and deposits. Total assets as of 2022, were 1.992 Trillion rupiah (around US$133 Billion). As of 2022, Bank Man ...
,
BSI, UOB Indonesia, DBS Indonesia, CIMB Indonesia, SeaBank, etc. It combines all the separate QR codes from different payment services into one QR code which can be used by merchants to receive payments from any e-wallets or banks that supports QRIS.
SGQR+
SGQR (Singapore Quick Response Code) is a unified QR code payment system launched on 17 September 2018. SGQR combines multiple QR codes used by multiple payment services in Singapore, including
PayNow, into one QR code. This scheme is co-owned by
MAS and
IMDA
The Infocomm Media Development Authority (IMDA) is a Statutory boards of the Singapore Government, statutory board under the Singapore Ministry of Digital Development and Information (MDDI).
History
The Telecommunication Authority of Singapo ...
. SGQR+ is the successor of SGQR, it supports interoperability and cross-border function.
Thai QR Payment
Thai QR Payment (Promptpay) (launched in August 2017) integrates QR payment systems in Thailand. It was launched by the
Bank of Thailand
The Bank of Thailand (BOT; Abbreviation, abbr. ธปท.; , ) is the central bank of Thailand.
History
The Bank of Thailand (BOT) was first set up as the Thai National Banking Bureau. The Bank of Thailand Act was promulgated on 28 April 1942 ...
.
VietQR
VietQR is the national QR code payment standard for Vietnam, launched as a collaborative effort by the National Payment Corporation of Vietnam (
NAPAS) in partnership with several major banks, including
Vietcombank
Vietcombank or formally the Joint Stock Commercial Bank for Foreign Trade of Vietnam () is a major commercial bank in Vietnam.
Overview
Vietcombank's headquarters are located in Hanoi, Vietnam. the bank had 116 branches and 474 transaction ...
,
BIDV,
VietinBank
The Vietnam Joint Stock Commercial Bank for Industry and Trade (), trading as Vietinbank, is a state-owned Vietnamese bank. As of 2023, it is Vietnam's second-largest bank, with VND 1,800 trillion (around $76 billion) of assets under management.
...
, and
Agribank
AgriBank, part of the US Farm Credit System, serves as a Wholesale banking, wholesale lender and a farm credit bank (FCB) to a 15-state network of local farm credit associations in a district that stretches from Ohio to Wyoming and Minnesota to ...
. Introduced to the public in 2021, VietQR aims to streamline digital transactions across various financial platforms by using a unified QR code format that supports interoperability among different banks and e-wallets.
Integrated QR payment system in the rest of Asia
Bangla QR
Bangla QR is launched by Bangladesh Bank, the central bank of Bangladesh. At launch, 10 banks — Dutch-Bangla Bank, Mutual Trust Bank, AB Bank, Eastern Bank, Islami Bank Bangladesh, United Commercial Bank, City Bank, Bank Asia, Pubali Bank, and One Bank — as well as Mastercard, Visa, American Express, and mobile payments providers bKash, Rocket, and Islami Bank’s mCash are supporting the service.
ELQR
ELQR is an integrated QR payment system in
Kyrgyzstan
Kyrgyzstan, officially the Kyrgyz Republic, is a landlocked country in Central Asia lying in the Tian Shan and Pamir Mountains, Pamir mountain ranges. Bishkek is the Capital city, capital and List of cities in Kyrgyzstan, largest city. Kyrgyz ...
. ELQR was launched in May 2022. ELQR is the first integrated QR payment system in Central Asia. Currently ELQR supports Elcard, Mbank, RSK24, DemirBank, ElSom, Bakai Bank, NambaOne, Kompanion, Halyk Bank, Ayl Bank, Finca Bank, O!Dengi, Balance, KKB, KSB, and MegaPay.
JPQR
JPQR, promoted by the Ministry of Internal Affairs and Communications and the Ministry of Economy, Trade and Industry, is a cashless method that allows one QR code to be used for many payment services. JPQR unifies various QR code payments that already exist in Japan.
LankaQR
LankaQR is
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, also known historically as Ceylon, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, separated from the Indian subcontinent, ...
's national QR code payment system, first introduced in 2018. The standardized system promotes cashless transactions and enhances financial inclusion, especially for small merchants. Compliant with global
EMV
EMV is a payment method based on a technical standard for smart card, smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for "Europay International, Europay, Mastercard, and Visa Inc., ...
standards, LankaQR enables seamless interoperability between banks and payment providers, allowing merchants to accept payments from any participating institution through a unified QR code solution.
NEPALPAY
NEPALPAY QR launched by NCHL as the implementing infrastructure of NepalQR standards published by Nepal Rastra Bank and as part of the National Payment Switch. It establishes and operates national QR scheme/network and internetwork transaction & settlement. NEPALPAY QR works as an independent QR scheme and allows QR interoperability at merchant level and network level.
UPI
UPI (Unified Payment Interface) is a unified instant payment system developed by the
National Payments Corporation of India
National Payments Corporation of India (NPCI) is an Indian public sector company that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Associa ...
, launched on 25 August 2016 and was backed by 35 banks across the country in the first year of its launch. Multiple startups like
Paytm
Paytm (an acronym for "Pay Through Mobile") is an Indian Multinational corporation, multinational Fintech, financial technology company, that specializes in digital wallet, digital payments and financial services, based in Noida, India. Paytm ...
who were providing digital wallets for customers and merchants, along with new market players like
PhonePe
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. It was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Paymen ...
quickly got into the scene, with them incorporating new merchants by providing QR based payment solutions, along with QR code scanners for customers in their respective mobile apps which resulted in the widespread use of QR based payments in India. In FY 2023, there were 84 billion UPI transactions, accounting to about Rs 139.09 trillion ($1.67 trillion). Singapore, UAE, Nepal, Bhutan, France and Sri Lanka have also started adopting UPI after seeing its success in India.
Integrated QR payment system in Africa
GhQR
GhQR (Ghana QR code payment) is Ghana’s standardized QR code payment system launched by the Ghana Interbank Payment and Settlement Systems (GhIPSS). It is designed to promote cashless payments and enable interoperable QR code transactions across various banks, fintechs, and mobile money operators in Ghana.
Integrated QR payment system in Europe
Swish
Swish is a mobile payment system in Sweden, launched in 2012 by six large Swedish banks, in cooperation with Bankgirot and the Central Bank of Sweden. It allows users to make instant payments by scanning a QR code.
Integrated QR payment system in the Americas
CoDi and PIM
CoDi () is a standard mobile QR payment in Mexico created by the Bank of Mexico. It was launched in September 2019 and has 14 million users. PIM () is a private-sector initiative in Mexico that enables interoperable mobile payments between banks and fintech digital wallets, developed by Mexican Bankers Association (ABM) and private sector banks. While CoDi integrates banks and can only be used for participating members of CoDi only, PIM unifies CoDi, e-wallets, and banks outside of CoDi.
Pix
Pix is a unified instant payment system developed by the
Central Bank of Brazil
The Central Bank of Brazil (, ) is Brazil's central bank, the bank is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency. It was established on Thursday, 31 Dece ...
. Pix allows instant payment between individuals and among individuals, companies, and the government (P2P, P2B, B2B, P2G, and B2G). Pix supports both QR static and dynamic.
See also
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Short Payment Descriptor
Short Payment Descriptor (SPAYD, SPD) is a compact data format for an easy exchange of payment information using modern electronic channels, such as smart phones or NFC devices.
Usage
Practically, the format is being deployed in the Czech Repub ...
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EPC QR code
The European Payments Council (EPC) Quick Response (QR) code is a technical standard by the European Payments Council. It uses a QR code containing all the necessary information for initiating a SEPA credit transfer (SCT). It is commonly used on i ...
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QR code
References
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Payment systems
Contactless payments
Japanese inventions
1994 introductions
2011 introductions
Mobile payments