The report "How QR Codes Address 'the Last Mile' Adoption of Faster Payments at the Point-of-Sale" was written by the FPC QR Code Interface Work Group, which is a division of the US Faster Payments Council (FPC).

Five important elements, including oversight, available payment methods, functionality, usability, and security, are examined in detail in the analysis. The study contends that in order to foster customer confidence and interoperability and enable QR codes to interact with a variety of payment networks and devices, there has to be a single, well-regulated standard for QR codes.


Additionally, it emphasizes how crucial it is for QR codes to enable both open-loop and closed-loop payment systems in order to give customers more freedom and choice. The paper also emphasizes how, in order to maximize QR codes' attractiveness and versatility, they must be used for a variety of purposes other than retail transactions, such as bill payment and person-to-person transfers.

Another important consideration is usability; QR codes must be simple to use for both customers and retailers, taking into account elements like location, size, and scanning procedure. In conclusion, the paper emphasizes the necessity of strict security measures, such as strong encryption, authentication techniques, and oversight, to guard against fraud and other threats related to QR code payments.

"Our work is noteworthy because, although we began with a relatively specific question, we discovered that addressing it required us to investigate multiple domains," stated Scott Green, the chair of the FPC QR Code Interface Work Group and manager of product innovation at SHAZAM. The fact that the members of our work group team came from a variety of experiences, roles, and places helped us along the process.

"Even though we found obstacles in the US that will prevent QR codes from being widely used for payments, we were also able to formulate questions about these issues that will guide our future research."
 

dedication to adoption

According to FPC executive director Reed Luhtanen, "QR codes represent a vital tool in bridging the gap to faster payments adoption at the point-of-sale." "This new report provides crucial guidance for all players in the payments ecosystem and emphasizes the significance of standardization and collaboration in advancing payment innovation."

The FPC continues to be committed to pushing the adoption of QR codes, addressing challenges such fragmented payment environments and the absence of a single QR code standard. Going forward, the FPC and its members intend to interact with industry participants and develop plans to accelerate payment systems based on QR codes.