Top payment card companies Mastercard, UnionPay International and Visa have jointly introduced a standardized QR code for mobile payments in Thailand.
The new standardized code allows merchants to easily accept electronic payments without the need to invest in physical point-of-sale machines. They need only have a piece of paper with their unique QR code for consumers to scan.
Customers with a Mastercard, UnionPay, or Visa card can use a mobile application to scan the code using both smartphones and feature phones with a camera function.
In future, the standards are intended to be globally interoperable and useable anywhere they have been expected.
The standardized code is expected to be implemented by banks and merchants across Thailand by the third quarter.
The initiative also meshes with the Thai financial sector’s Electronic Data Capture (EDC) expansion initiatives under the government’s National e-Payment Roadmap, which aims to support the nation’s transition to a cashless society.
The launch of the Standardized QR Code signals exciting times for Thailand as consumers move quickly to adopt new payments technology,” Mastercard country manager for Thailand Donald Ong said.
“Our own research, for example, shows that 50% of young consumers across South East Asia would use the QR code straightaway, and we believe this reflects the demand in Thailand.”