MasterCard, UnionPay International and Visa have launched a standardised quick response (QR) code for payments in Thailand, which will speed up the country’s transition to a cashless society.
The new payment technology will allow MasterCard, UnionPay, or Visa card users to make payments using a mobile application with Standardised QR Code support to scan the merchant-presented QR code.
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Consumers need to display one QR code at the storefront or through the acquiring bank’s mobile application to make payments with MasterCard, UnionPay and Visa.
The standards are aimed to be globally interoperable and with the right mobile application consumers will be able to use the same standard QR code to make payments everywhere the standards have been adopted.
The technology is expected to be deployed by banks and vendors across the country by the third quarter of 2017.
MasterCard country manager of Thailand and Myanmar Donald Ong said: “The launch of the Standardized QR Code signals exciting times for Thailand as consumers move quickly to adopt new payments technology.
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By GlobalData“Our own research, for example, shows that 50% of young consumers across South East Asia would use the QR code straightaway, and we believe this reflects the demand in Thailand. This demand will grow further as the technology is rolled out at small shops across the country, and includes bill payments and cash on delivery as well.”
UnionPay International general manager for Southeast Asia Wenhui Yang said: “The Standardized QR Code is an innovative step forward in the right direction for Thailand’s payment industry.
“By enabling consumers and merchants to pay and process QR codes easily and securely, this will accelerate the development of the local payments industry, as we continue to work with the Bank of Thailand on payment solutions that will benefit the people of Thailand.
“We believe the Standardized QR Code has the potential to support and strengthen the Thai economy and help Thailand become a truly cashless society.”
Visa country manager for Thailand Suripong Tantiyanon said: “Visa is proud to have contributed to the development of Standardized QR Code in Thailand as we believe it has the potential to significantly accelerate the growth of electronic payments acceptance in the country.
“This is especially true for consumers as well as small merchants, as it lowers cost and is easy to implement, eliminating the need for traditional POS hardware. The success of mVisa worldwide has proven a QR code solution to be scalable, secure and easy to use.”
