Standardised QR code imminent

Three international payment network providers plan to roll out a standardised QR code in Thailand, ending the confusion and annoyance for consumers having to scan different QR codes for payments to different networks.

Mastercard, UnionPay International and Visa are collaborating to launch the standardised QR code — the country’s first open and interoperable payment platform — for card payment through mobile banking.

The standardised QR, or quick response, code is expected to be officially rolled out in the third quarter.

Mastercard, UnionPay and Visa cardholders can use the mobile application with standardised QR code support to scan merchant QR codes.

The QR code works on both smartphones and smart devices as an electronic payment option.

Consumers will not need to scan different QR codes to make payments with the three network providers, while merchants will only need to display one QR code at storefronts or through acquiring bank mobile applications.

The Bank of Thailand’s deputy governor Ruchukorn Siriyothin said the standardised QR code is in line with the government’s national e-payment scheme and the central bank’s policy to transform the country into a cashless society.

Visa country manager Suripong Tantiyanon said separately that the trend of electronic payments in the Thai market, particularly in e-commerce business and online shopping, will support the country’s economic expansion.

The company’s research showed electronic payments have contributed to more than US$3.18 billion or 113 billion baht to Thailand’s gross domestic product during 2011-15.

With convenience, simplicity and global security standards, the QR code standardisation is expected to attract both merchants and consumers to use the payment tool.

Donald Ong, Mastercard’s country manager for Thailand and Myanmar, said its internal research found that 50% of young consumers across South East Asia will use the QR code, which can accommodate changing lifestyles in Thailand.