Reported by: banking|Updated: August 10, 2017
The Bank of Thailand is proposing to introduce a standardized quick-response (QR) code, allowing consumers to use a single code to make payments through local bank networks. The standard specifications for QR code payment will aid the country’s transformation to a cashless society. The standardized QR code will be applied to the QR code of each bank to support electronic payments. Card-swiping terminals, however, are still essential because not everyone has a smartphone capable of scanning QR codes. The standardized QR code is seen as a win-win solution for consumers and merchants, as consumers will not need to scan different QR codes in making payments at other banks, while merchants can display only one QR code for such payments.