Mastercard has outlined plans to expand its QR-based programs in order to give clients greater choice in retail payments.
The company said that it will now broaden its platforms to offer QR codes that could be scanned by both consumers and merchants under a common set of global specifications.
Mastercard collaborated with EMVCo and other industry players to develop a new global QR standard- which will ensure consistency in QR codes both generated and captured on a consumer’s mobile device.
The company’s consumer-presented solution will leverage M/Chip technology to provide a secure way to pay based on EMV infrastructure and will enable the merchant to scan a QR code from a smartphone and process the payment through the Mastercard network.
Mastercard president of global enterprise risk and security Ajay Bhalla said: “Today’s news builds on the momentum of our QR work in India and Africa. We look forward to the adoption of the EMVCo global QR standards. In the meantime, we’ll continue to work with our customers and partners to make every device a secure way to pay and be paid.”
Masterpass QR, which was launched in 2016, already allow people with any type of mobile phone to make in-person purchases without a plastic card.