Mastercard Expands QR Payments Choice
July 19 2017 - 3:00PM
Business Wire
QR Codes More Prevalent in Certain Markets; Complements
Extensive Investment in Contactless Payments
Mastercard (NYSE:MA) today outlined plans for greater choice in
retail payments through the planned expansion of its QR-based
programs.
Beginning this month, the company will broaden its solutions to
offer QR codes that can be scanned by either consumers or merchants
under a common set of global specifications.
Mastercard has worked with EMVCo and other industry players to
create a new global QR standard. These standards ensure consistency
in QR codes both generated and captured on a consumer’s mobile
phone.
“Today’s news builds on the momentum of our QR work in India and
Africa,” said Ajay Bhalla, president of global enterprise risk and
security, Mastercard. “We look forward to the adoption of the EMVCo
global QR standards. In the meantime, we’ll continue to work with
our customers and partners to make every device a secure way to pay
and be paid.”
The use of QR codes in certain markets complements the extensive
investment in contactless payments to provide merchants of all
sizes – from international chains to individual shop owners and
street vendors – a fast, secure and inexpensive way to accept
payments.
Launched in 2016, Masterpass QR already provides people
with any type of mobile phone the ability to safely make in-person
purchases without a plastic card. A consumer scans a QR code
displayed at the merchant’s checkout on their smartphone or by
entering a text code into their feature phone.
The company’s consumer-presented solution will allow the
merchant to scan a QR code from a smartphone and process the
payment through the Mastercard network. It will leverage M/Chip
technology to provide a secure way to pay based on EMV
infrastructure.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MastercardNews, join the discussion on the Beyond the Transaction
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Bureau.
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MastercardBrian Gendron, +1
650-654-7460brian.gendron@mastercard.com
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