QR Codes used to enable instant, merchant push payments continue to rapidly gain traction, particularly in emerging markets. These payments in general support Level One Project goals of growing the digital ecosystem: those that work in conjunction with interoperable payments systems are particularly well-aligned. As more countries develop national QR standards, it is important to consider key design choices for QR codes which can create the foundation for a safe and ubiquitous QR code payment market.
- Why QR Codes Matter:
- Allow small merchants to accept digital payments cheaply.
- Reduce reliance on cash, increasing digital liquidity.
- Three QR Payment Models:
- Shared QR (Interoperable) – One code supports multiple schemes (BharatQR, SGQR, BR Code).
- Single QR (Unified Payment System) – Used across one national scheme (India’s UPI QR).
- Single QR (Closed-Loop) – Proprietary to one provider (Alipay, WeChat Pay).
- Emerging Best Practices:
- Dynamic QR codes for transaction-specific data.
- Zero-fee transactions to encourage adoption.
- Fraud prevention tools like merchant verification and alias-based addressing.
This report outlines a roadmap for secure, interoperable QR payment ecosystems.