As EMVco announced new global specifications that will make implementation and interoperability of QR code-based mobile payments at the POS standard, Visa launched a program that will make onboarding small and midsize merchants that want to deploy such payment systems simpler for payment providers.
The San Francisco-based card network said QR code-based solutions are gaining traction in emerging markets in Asia and Africa. The company already offers mVisa in many of those countries, enabling merchants to present a barcode that consumers scan to complete payment. The payment goes directly from the consumer’s Visa account to the merchant’s account regardless of whether they are using the same bank. This interoperability, echoed by the EMVco specification that Visa helped develop, lies at the heart of Visa Ready, which will offer merchants QR capability globally.
“mVisa enables successful completion of the transaction independent of both the consumer’s and the merchant’s mobile operator services and banks,” said Sam Shrauger, senior vice-president of digital products for Visa. “This addresses a major challenge with mobile money programs, and lets consumers and merchants choose their own bank or mobile operator.”
The Visa Ready Program will use the interoperable QR standards to develop tools and capabilities for banks, processors, PSPs and other payment providers they can use to deploy QR code-based systems for their merchants. Once enrolled in the program, Visa said, merchants can use QR codes to freely accept payments from any country or bank.