Mastercard, UnionPay International and Visa have teamed up to launch a Standardized Quick Response (QR) Code for payments, facilitating Thailand’s transition to a cashless society.
To pay, consumers with a Mastercard, UnionPay, or Visa card can use a mobile app on their smart device to scan a merchant’s QR code.
With the standardised QR code, payments, consumers and merchants in Thailand now have more options to pay electronically in a more secure fashion.
The initiative means that consumers don’t need to scan different QR codes to make payments with Mastercard, UnionPay and Visa. Merchants will only need to display one QR code at the storefront or through the acquiring bank’s mobile app.
Also, as the standards are intended to be globally interoperable, consumers will be able to use the same standard QR code to make payments anywhere the standards are implemented.