MasterCard has outlined plans for greater choice in retail payments through the planned expansion of its QR-based programs, according to a press release.

Beginning this month, the company will broaden its products to offer QR codes that can be scanned by either consumers or merchants under a common set of global specifications.

MasterCard has worked with EMVCo and other industry players to create a new global QR standard. These standards ensure consistency in QR codes both generated and captured on a consumer's mobile phone, according to the release.

"Today's news builds on the momentum of our QR work in India and Africa," Ajay Bhalla, president of global enterprise risk and security for MasterCard, said in a release. "We look forward to the adoption of the EMVCo global QR standards. In the meantime, we'll continue to work with our customers and partners to make every device a secure way to pay and be paid."