Visa has announced that its Asia Pacific FinTech partners FOMO Pay and Razorpay have received approval to launch Visa-certified QR solutions under the Visa Ready Partner Programme.
The partnership will increase acceptance of QR codes in the market and also accelerates the adoption of QR code payments globally.
The Visa Ready Partner Programme provides structure and access to Visa IP, licences and best practices and also rolls out devices, software, and solutions which can accept Visa payments.
Under the programme, technology companies can use Visa tools such as QR code generators, merchant QR code test cases and QR code testing utilities to improve their payment solutions and also meet Visa’s interoperable QR standards and specifications.
Visa Asia Pacific strategic partnerships vice president Hamish Moline said: “There is huge growth potential for QR code payments as they are a low-cost solution for merchants worldwide. With QR technology, merchants may not need to invest in payment terminals at point-of-sale, enabling them to transact electronically while solving many pain points associated with the use of cash.
“We are excited to work with FOMO Pay and Razorpay under the Visa Ready Programme to further deploy QR payment solutions in this region and enable more people to go cashless.”
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FOMO Pay CEO Louis Liu added: “Being part of the Visa Ready QR programme, FOMO Pay is able to fast-track our one-stop QR code payment solution into the market to help roll out e-wallet solutions and increase adoption for banks, financial institutions and corporates across the region.
“The certification has helped FOMO Pay greatly enhance customer confidence and brand awareness. With Visa, we can work together to promote a cashless lifestyle and enable different use cases to improve daily life for consumers.”
Razorpay Founder and CEO Harshil Mathur commented: “We at Razorpay have always been working towards improving the payment infrastructure In India and making it easily accessible to businesses. Now with BharatQR, we would be able to bring new payment innovations to our merchant base, both online and offline.”