MasterCard, UnionPay International and Visa have introduced a standardized quick response code for payments in Thailand, accelerating the country's transition to a cashless society.

The Standardized QR Code supports the Bank of Thailand’s cashless agenda to drive innovation, interoperability, and security in payments, according to a MasterCard press release.

In order to pay, consumers holding a MasterCard, UnionPay, or Visa card can simply use a mobile application with standardized QR code support to scan the merchant-presented QR code. The technology works with both smartphones and feature phones with camera function.

By establishing standard specifications for QR code payments, consumers and merchants in Thailand now have more options to pay electronically without compromising on security and convenience, the release said.

According to MasterCard, the  standard QR code provides three key benefits:

• consumers need not scan different QR codes to make payments with MasterCard, UnionPay and Visa. Merchants simply display one QR code at the storefront or through the acquiring bank’s mobile application;
• by routing the transactions through global-standard processing networks, consumers can enjoy a fast, convenient and secure payment experience;
• the standards are intended to be globally interoperable and, with the right mobile application, consumers will be able to use the same standard QR code to make payments everywhere the standards have been adopted.

The standardized QR code is intended to be implemented by banks and merchants across Thailand by the third quarter of 2017, the release said.