It’s Time for a Single QR Code for All the World’s Payments
A Singapore experiment shows that it may be possible to bring different closed-loop wallets and apps under a universally accepted system.
Let’s go global.
Photographer: Dimas Ardian/BloombergMasahiro Hara, the Denso Wave Inc. engineer who invented the two-dimensional barcode known as quick response, or QR, had never imagined that his system of labelling automotive parts would one day become a crucial pillar of monetary exchange.
That innovation has emerged as a preferred form of contactless transfer of value across Asia and Latin America, starting with China’s Alipay and WeChat 12 years ago. Small retailers who couldn’t afford costly credit-card terminals and high fees have been the biggest beneficiaries, as have consumers who have traditionally lacked access to bank accounts — Southeast Asia alone has 80 e-wallets used by more than 200 million people.