The US Faster Payments Council (FPC), a membership organization dedicated to promoting safer, easier, and faster payments in the United States, is pleased to announce the release of its latest report, “How QR Codes Address “the Last Mile” of Adoption.” give for faster payments at the point of sale.
Authored by the FPC QR Code Interface Work Group, this in-depth study provides valuable insight into the pivotal role of QR codes in accelerating faster payment acceptance, particularly at the point of sale.
“What struck me about our work is that while we started with a relatively narrow question, we found that answering that question required exploring multiple areas,” said Scott Green, manager of product innovation at SHAZAM and chairman of FPC QR Code Interface Work Group. “During the process, we benefited from the diverse backgrounds of our working group team members, who came from many different perspectives, roles and geographies. While we identified challenges for the U.S. to achieve widespread adoption of the QR code for payments, we were able to formulate questions that will inform our continued work.”
The report provides a comprehensive analysis of QR code adoption, focusing on five critical factors:
• •Monitoring: A single QR Code standard with robust oversight is critical to promoting interoperability and consumer trust, and facilitating the use of QR Codes across different payment networks and devices.
• •Supported payment systems: QR codes should support various payment systems, including open-loop and closed-loop payment systems, to provide consumers with more choice and flexibility.
• •Functionality: Beyond retail purchases, QR codes need to support a range of use cases such as bill payments and person-to-person transfers, increasing versatility and appeal.
• •Ease of use: Ease of use of QR codes for both consumers and merchants is critical to widespread adoption, including factors such as size, placement and scanning process.
• •Security: QR code payments must be protected from fraud and other risks and require robust encryption, authentication methods and oversight.
“The FPC is a unique collaboration of companies from across the payments ecosystem,” said Steve Mott, Director of BetterBuyDesign and Vice Chair of the QR Code Work Group. “We in the QR Code Work Group are excited to hear the reactions of FPC members and.” We also address our latest report while developing ideas on how the US point-of-sale system could be adapted, to leverage the simplicity, power and security of QR code payments to reach the last mile of merchant adoption and financial inclusion.”
The report covers international and US payment solutions using QR codes and examines key market drivers for implementation. It highlights successful QR code implementations from around the world and identifies commonalities and best practices for QR code adoption. Additionally, the report addresses challenges and opportunities for QR code adoption in the United States and provides valuable insights for stakeholders.
“QR codes represent an important tool to close the gap to faster payment acceptance at the point of sale,” said FPC Managing Director Reed Luhtanen. “This new report highlights the importance of collaboration and standardization in advancing payments innovation and provides important guidance for all participants in the payments ecosystem.”
The FPC remains committed to advancing QR code adoption and addressing challenges such as fragmented payment landscapes and the lack of a single QR code standard. Looking forward, the FPC and its members will continue to engage industry stakeholders and develop strategies to help accelerate QR code-based payment solutions.