Japanese megabanks agree to unify standards for QR codes

As part of efforts to encourage the use of cashless payments for goods and services, the three megabanks have agreed to unify their standards for QR codes, which customers can use to make payments without cash through their smartphones. Their aim is to reduce the costs associated with handling cash, and increase convenience. The unified QR code standards are provisionally named “BankPay.” Apps and bank accounts will be linked through the system, enabling consumers to make purchases simply by scanning a QR code. The banks aim to have it up and running in fiscal 2019.