The US Faster Payments Council has released a comprehensive analysis of QR code adoption. The council is a membership organisation devoted to advancing safe, easy-to-use faster payments in the US.

“What struck me about our work is that while we started with a relatively narrow question, we found that answering it meant we needed to explore several domains,” said Scott Green, Manager, Product Innovation at SHAZAM and FPC QR Code Interface Work Group Chair.

“During the process, we benefited from the diverse backgrounds of our work group team members. They came from many different perspectives, roles, and regions. While we identified challenges for the US to achieve widespread adoption of QR code for payments, we were able to frame questions around them that will influence our continued work.”

FPC report key takeaways

  • Oversight: A single QR code standard with robust oversight is essential for promoting interoperability and consumer confidence, facilitating QR code usage across different payment networks and devices.
  • Payment Schemes Supported: QR codes should support various payment schemes, including open-loop and closed-loop, to provide consumers with greater choice and flexibility.
  • Functionality: Beyond retail purchases, QR codes must support a range of use cases such as bill payments and person-to-person transfers, enhancing versatility and appeal.
  • Usability: Ensuring QR codes are easy to use for both consumers and merchants is crucial for widespread adoption, including factors like size, placement, and scanning process.
  • Security: QR code payments must be secure from fraud and other risks, requiring robust encryption, authentication methods, and oversight.

The report examines international and US payment solutions using QR codes. It highlights successful QR code implementations from around the globe. And it identifies commonalities and best practices for QR code adoption. Furthermore, the report addresses challenges and opportunities for QR code adoption in the US, delivering valuable insights for stakeholders.

“QR codes represent a vital tool in bridging the gap to faster payments adoption at the point-of-sale,” said FPC Executive Director Reed Luhtanen.

“This new report underscores the importance of collaboration and standardisation in advancing payment innovation. And it provides essential guidance for all participants in the payments ecosystem.”

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