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A QR code payment is a mobile payment method where payment is performed by scanning a QR code from a mobile app. [1] This is an alternative to doing electronic funds transfer at point of sale using a payment terminal . [ 2 ]
In February 2013, the European Payments Council (EPC) published the document 'Quick Response Code: Guidelines to Enable Data Capture for the Initiation of a Credit Transfer'. [5] These guidelines were quickly adopted by the Austrian banks. These QR code can be recognised thanks to the words "Zahlen mit Code" (Pay with Code) on the right. [6]
Eventually, primary users will be able to connect with secondary users by choosing a contact number from the contact list alone, rather than scanning a QR code. Up to five secondary users may be delegated by a primary user, and only one primary user may accept delegation from a secondary user.
Participants in the FPS share a common standard for the QR code which allows paying to merchants using a variety of payment methods like bank cards, stored value facilities or direct debit from bank accounts. [11] HKMA has released a tool for merchants to convert QR codes from different payment providers into a single standard QR code. [12]
The e-payment system, Singapore Quick Response Code (SGQR), essentially merges various QR codes into one label that can be used by both parties in the payment system. This allows for various banking apps to facilitate payments between multiple customers and a merchant that displays a single QR code. The SGQR scheme is co-owned by MAS and IMDA. [54]
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