Industry is currently evaluating the challenges and opportunities.
US-based electronic payments body NACHA is currently investigating the December-released proposal of QR Encoding for Consumer Bill Payment Guidelines (the Guidelines).
The goal is to identify an open standard for using QR codes in various billing and payment models, thus establishing a single format to reach consumers wherever they view and pay bills, such as banks and so on, to provide customers with consistency.
More than 20 companies have signed up to the evaluation of the guidelines, with US Bank and Verizon among them.
The evaluation will look at a number of factors that may arise from paying for bills via QR codes, including: specifications and usage in various billing and payment models, effectiveness, implementation requirements and considerations, challenges and opportunities.
Jane Wallace, VP of national markets strategy, Intuit Financial Services, said: "Industry input is vital as we work to establish a single QR code specification so consumers can easily view and pay bills from a mobile device. This evaluation is an important step for testing the effectiveness of the Guidelines with key stakeholders. It will help confirm our hypothesis that an open standard used by billers can deliver a consistent, quality consumer experience."
Rich Langan, senior product manager, DST Output, said: "We see the use of QR Codes as a means to reduce data quality issues, decrease costs, improve efficiencies, and enhance the customer experience. It’s a win-win for consumers and billers alike and the industry evaluation will help to develop a marketplace of users."