The Accredited Standards Committee X9 Inc. (X9) today announced that it will develop a new QR code payments standard. The new standard will establish the content of a QR code for payments, emphasizing interoperability, in order to process a payment digitally, and will include both merchant-presented and customer-presented QR Codes. Encoded in a payment QR code will be all the information necessary to execute a payment without the customer or merchant having to share financial account details. Work will begin in August, and participants are sought.
The QR Code Payment Standard is needed to accelerate the adoption of instant payments, which in the United States lags far behind many other countries. For example, there are over 12 billion instant payments per month in India and more than five billion per month in Brazil, while in the United States there are only 30 million instant payments each month.
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