The U.S. Faster Payments Council (FPC) latest report provides valuable insights into the pivotal role of QR codes in accelerating faster payments adoption, particularly at the point-of-sale. The report delves into international and U.S. payment solutions using QR codes, exploring key market drivers for implementation. It highlights successful QR code implementations from around the globe, identifying commonalities and best practices for QR code adoption. Furthermore, the report addresses challenges and opportunities for QR code adoption in the United States, delivering valuable insights for stakeholders. The report offers a comprehensive analysis of QR code adoption, focusing on five critical factors:
- Oversight: A single QR code standard with robust oversight is essential for promoting interoperability and consumer confidence, facilitating QR code usage across different payment networks and devices.
- Payment Schemes Supported: QR codes should support various payment schemes, including open-loop and closed-loop, to provide consumers with greater choice and flexibility.
- Functionality: Beyond retail purchases, QR codes must support a range of use cases such as bill payments and person-to-person transfers, enhancing versatility and appeal.
- Usability: Ensuring QR codes are easy to use for both consumers and merchants is crucial for widespread adoption, including factors like size, placement, and scanning process.
- Security: QR code payments must be secure from fraud and other risks, requiring robust encryption, authentication methods, and oversight.