Visa Helps Merchants Easily Adopt New, Global Specifications for QR Code Payments
Visa Ready program simplifies onboarding for small and medium-sized merchants who want to deploy QR code digital payments
Visa and the other EMVCo Members worked to develop these new globally interoperable EMV specifications. Visa has already successfully enabled the merchant-presented QR technology in 15 countries around the world, with
“We’ve already seen tremendous progress towards adoption of standardized, interoperable QR code payment systems in the developing world,” said
Easy Implementation for Merchants
Visa has enabled the growth of merchant-presented QR code payments around the world with its innovative mobile payments solution, mVisa. mVisa allows consumers to pay for goods and services by scanning a QR code on a smart phone or entering a merchant number into their feature phones. Payment goes straight from the consumer’s Visa account into the merchant’s account and provides real-time notification to both parties. mVisa is completely interoperable, meaning that the consumer and the merchant do not need to be customers of the same bank. This brings the same convenience, security and reliability provided by the trusted Visa brand.
For merchants eager to harness the power of QR code payments, the Visa Ready Program has adopted the interoperable QR standards to develop tools and capabilities which help easy generation and deployment of QR code merchants by banks, processors and merchant aggregators. Once enrolled, merchants can freely accept payments from any country or bank given mVisa’s interoperability while trusting Visa will securely and efficiently process each transaction.
QR Code Payments Driving a Cashless Future
As digital payments help continue a shift toward a cashless future, this new global specification is an important step that promotes interoperability and standardizes the fast growing ecosystem of QR code payments across the world. Already, 33 banks and more than 328,000 merchants across
“mVisa enables successful completion of the transaction independent of the mobile operator service on both the consumer and the merchant’s phone, and the consumers and merchant’s banks,” said Shrauger. “This addresses a major challenge with mobile money programs, and lets consumers and merchants choose their own bank or mobile operator.”
Visa intends to replicate this success in 12 other countries where mVisa has been enabled:
Andy Gerlt, 415-805-5153