Mastercard, UnionPay International and Visa have introduced a Standardized Quick Response (QR) Code for payments, accelerating Thailand’s transition to a cashless society.
According to a press release, consumers holding a Mastercard, UnionPay or Visa card can pay using a mobile application with Standardized QR Code support to scan the merchant-presented QR code, which works on both smartphones and phones with a camera function.
The standard specifications for QR code payments is simple to set up and use, giving consumers and merchants more options for electronic payments without compromising on security or convenience.
“The launch of the Standardized QR Code signals exciting times for Thailand, as consumers move quickly to adopt new payments technology,” said Donald Ong, country manager, Thailand and Myanmar, Mastercard. “Our own research, for example, shows that 50 percent of young consumers across Southeast Asia would use the QR code straightaway, and we believe this reflects the demand in Thailand. This demand will grow further as the technology is rolled out at small shops across the country and includes bill payments and cash on delivery as well.”
The QR Code provides three key benefits for both merchants and consumers. First, consumers will not need to scan different QR codes to make payments with any of the cards, and 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. And finally, the standards are intended to be globally interoperable, so consumers can use the same QR code to make payments outside of Thailand where the standards have been adopted.
“The Standardized QR Code is an innovative step forward in the right direction for Thailand’s payment industry,” said Wenhui Yang, general manager for UnionPay International Southeast Asia. “By enabling consumers and merchants to pay and process QR codes easily and securely, this will accelerate the development of the local payments industry, as we continue to work with the Bank of Thailand on payment solutions that will benefit the people of Thailand. We believe the Standardized QR Code has the potential to support and strengthen the Thai economy and help Thailand become a truly cashless society.”
The Standardized QR Code is expected to be implemented by banks and merchants across Thailand by the third quarter of 2017.
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