A new service is helping retailers adhere to newly introduced interoperability standards related to QR code-based payments.
In a move to standardize emerging cashless payments, EMVCo, the global technical body that manages the EMV Specifications, released new global QR Code Payment standards — a move that will allow retailers to process mobile payments made through the two-dimensional machine-readable barcodes. Visa and the other EMVCo members worked to develop these new globally interoperable EMV specifications.
Visa also offers a service that helps merchants accept these emerging digital payments. Called mVisa, the solution allows consumers to pay for goods and services by scanning a QR code on a smartphone or entering a merchant number into their feature phones.
Payment goes directly from the consumer’s Visa account into the merchant’s account, and provides real-time notification to both parties. mVisa is…