QR codes, a type of matrix barcode we’ve come to recognize over the years, may become relevant in the digital payments arena. Originally invented to help track inventory on production lines and in warehouses, while they are still being used for that, they are also used in many other potential applications for devices.
PYMNTS.com explains that EMV, the global technical body that manages EMV specifications, announced July 31 it has released two QR code payment specifications supporting merchant-presented QR code and consumer-presented QR code use cases. And 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,” said the article.
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