The Faster Payments Council white paper explores QR codes as a driver of faster payments adoption. QR codes, widely used in Asia and expanding globally, offer low-cost, simple, and secure ways to enable real-time payments across point-of-sale, e-commerce, P2P transfers, and bill payments. Two models exist: merchant-presented and consumer-presented codes, both leveraging tokenization and ISO 20022 rails for secure account-to-account transfers. Benefits include ubiquity, contactless convenience, and interoperability, while challenges involve consumer education, standardization, and security. The paper urges development of global standards for consistency, security, and scalability in payments.

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