QR code payments have taken a big step towards becoming not only a mainstream payment option but also one that can accelerate the adoption of real-time payments. Late last week, the technology was used to facilitate a transaction over the FedNow network using the X9 standard. The demonstration transferred funds in one second from a credit union to a Top 4 bank in the United States. During the test, a bill was presented to a payer with a merchant-generated QR code. Upon scanning the code, the payer authorized the transaction via the payer’s credit union’s mobile app. Assisting in the transaction was technology from Matera, a fintech specializing in instant payments and QR code technology. Also involved in the transaction were Tyfone Inc., a digital-banking and -payments platform provider, and real-time payments provider Payfinia Inc., a Tyfone company. Key to making the transaction possible was the X9 payment QR code standard. Developed by the Accredited Standards Committee X9, the X9 standard introduces a common language for encoding payment data in “a secure, structured, and extensible way,” according to Matera. As a result, a single QR code can work across multiple networks, such as FedNow as well as the automated clearing house and The Clearing House’s RTP network. It can also work with different banks. The standard also supports multiple use cases, such as consumer-to-business, business-to-business, and peer-to-peer payments. Matera chief executive and co-founder Carlos Netto said “It opens the door to a broad range of use cases, bill payments, in-store payments and ecommerce, all initiated by QR code and settled in real time. Ultimately, this payment QR Code can accelerate the adoption of instant payments.”