Intended to be implemented by banks and merchants across Thailand by the third quarter of 2017, the new standard will mean that consumers will no longer need to scan different QR codes to make payments with Mastercard, UnionPay and Visa.
Merchants will only need to display one QR code at the storefront or through the acquiring bank’s mobile application.
The introduction of the interoperable code supports the Bank of Thailand’s cashless agenda as part of a National e-Payment Roadmap introduced by the Ministry of Finance.
The standards are intended to be globally interoperable, providing a seamless experience for cardholder when travelling abroad.
Wenhui Yang, general manager for UnionPay International Southeast Asia, says: “UnionPay now chairs an international workgroup with other payment networks to develop a global QR Code Standard for payments. We believe the Standardised QR Code has the potential to support and strengthen the Thai economy and help Thailand become a truly cashless society.”
Mastercard, UnionPay International and Visa have introduced a standardised QR code for payments by mobile phone at merchant locations across Thailand