As the global payments ecosystem continues its momentum towards a mass digital infrastructure, QR code standardization is one of the new enhancements countries are looking at to increase their digital footprint.
As reported just this month, Japan has already initiated their version of the standardized QR with the ticker JPQR– a single QR code used for multiple payment providers in their local marketplace.
Next in line seems to be Indonesia, who is slated to release their QR code standard (QRIS) by the second half of this year. Bank Indonesia (BI) is spearheading this initiative with the intent to enable enhanced interoperability among payment system providers, according to KrASIA.
Egyptand Malaysiahave also turned to QR codes to facilitate a more unified payment acceptance system with Egypt specifically looking to standardize the payment method as a way to increase financial inclusion in their country.
And so the theme seems to be a global one: Allow for more seamless payment facilitation between various providers and increase the digital momentum.
In the case of QRIS specifically, another motivation is to create healthy competition between mobile payment providers. Assistant Governor of BI Payment Systems Policy, Filianingsih Hendarta, outlines specifically how QR code standardization can improve interconnectivity enabling e-wallets from different providers to be used via one QR scanning system, according to KrASIA. Executive Director of Indonesia’s ICT Institute, Heri Sutadi, supports the move towards standardization and even adds a sense of urgency regarding the need for it.
“I think standardization is necessary as a reference for QR Code implementation, considering that we’re still in the early stages of adopting digital payments. [The standard’s] implementation should be accelerated because society cannot wait too long,” Sutadi said.
The only question we have now is: Who’s next?