Today In Data

Today in Data: QR Codes in Payments

QR Code

QR codes are making waves in the digital payments arena. What was once just a way to encode information made available upon scanning with a connected device is making strides outside of its traditional space. EMV managing leg EMVCo has shared news of its two new QR code payment offerings, but Mastercard’s Masterpass QR is gaining traction in areas around the world.

With the technology behind QR codes, which uses EMV for contactless payments, being used in countries around the world, it may not be too much longer before we see this payment method on the rise. One company helping move the ball for QR codes is credit card company Visa, with its EMVCo standard just released dubbed mVisa. With this new standard as part of the technology that powers EMV transactions, EMVCo could help push forward QR codes as a viable option.

Here are the numbers:

$5.5 trillion | Amount of mobile payments made in China alone each year

70 percent | Percentage of people around the world that have a smartphone mobile device

2016 | Year when India’s government made the decision to move towards a cashless society

1994 | Year QR codes were invented

200 | Number of countries around the world using technology behind QR codes






The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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