UnionPay takes QR code payments global

By

For use with smartphone transactions.

Chinese financial services giant UnionPay hopes merchants and consumers around the world will start to use QR codes to pay for goods and services from their smartphones and mobile devices.

UnionPay takes QR code payments global

Two-dimensional quick response (QR) codes were developed for the Japanese car industry in the mid-nineties, allowing for rapid scanning of identification labels on vehicle components, but have since been adopted for other applications as well.

Customers who have linked a bank card to their mobile device through a digital wallet can pay for goods and services by scanning QR codes at UnionPay merchants.

The QR code scan acts as a one-way transfer of data from the consumer device to the merchant terminal, without transmitting any cardholder verification information.

UnionPay's QR code solution is based on a finalised specification [pdf] issued over the weekend by the EMVCo, a payments industry consortium operated by Visa, MasterCard, JCB, American Express, and Discover, as well as the Chinese financial services company.

The company said the QR code specification is safe, open and interoperable, and took 12 months to develop.

UnionPay has trialled the solution in China, and said merchants in Hong Kong and Singapore have started accepting QR code-based payments. It hopes the system will spread throughout Asia soon.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © iTnews.com.au . All rights reserved.
Tags:

Most Read Articles

ANZ Institutional readies go-live for "multi-agent chatbot" amie

ANZ Institutional readies go-live for "multi-agent chatbot" amie

Westpac pilots AI to analyse inbound call content

Westpac pilots AI to analyse inbound call content

Westpac hires CBA's data chief to lead AI, data and digital

Westpac hires CBA's data chief to lead AI, data and digital

ANZ explores agentic AI opportunities

ANZ explores agentic AI opportunities

Log In

  |  Forgot your password?