Payment QR Codes: The Complete Guide to DuitNow, PayNow, UPI, PromptPay and Global Standards

Payment QR codes have become the dominant contactless payment infrastructure across Asia and are rapidly expanding globally. Whether you run a hawker stall in Singapore, a boutique in Mumbai, or an e-commerce store serving Southeast Asia, understanding payment QR codes — and the standards that govern them — is now essential business knowledge. This guide covers every major system, how to set up merchant accounts, the EMVCo global standard, and how to protect your business from QR payment fraud.

Why Payment QR Codes Dominate Asia

Unlike Western markets where contactless cards (NFC) dominate, Asia leapfrogged card infrastructure entirely. The combination of smartphone penetration, low merchant terminal costs, and government-backed digital payment initiatives created an environment where QR codes became the standard point-of-sale payment method.

Key statistics for 2024–2025:

• India's UPI processed over 13 billion transactions per month as of late 2024
• Malaysia's DuitNow QR had over 12 million registered users across banking apps
• Singapore's PayNow QR serves over 90% of bank account holders
• Thailand's PromptPay processes over 100 million transactions monthly
• Indonesia's QRIS unified over 50 payment platforms into a single QR standard

The EMVCo QR Code Standard: The Foundation of Modern Payment QR

Before diving into individual systems, it's important to understand EMVCo — the consortium behind the global payment QR code specification. EMVCo (jointly owned by American Express, Discover, JCB, Mastercard, UnionPay, and Visa) published the EMV QR Code Specification for Payment Systems, which defines two modes:

1. Consumer-Presented Mode (CPM)

The consumer's phone displays a QR code, and the merchant's terminal scans it. Used in mobile wallets like Alipay, WeChat Pay, and GrabPay. The QR code contains the consumer's payment token, not their account number.

2. Merchant-Presented Mode (MPM)

The merchant displays a static or dynamic QR code, and the consumer scans it with their banking or wallet app. This is the dominant mode in Southeast Asia and India. DuitNow, PayNow, UPI, PromptPay, and QRIS all use MPM.

Country-by-Country Payment QR Code Guide

🇲🇾 Malaysia: DuitNow QR

DuitNow QR is Malaysia's national QR payment standard, launched in 2019 by Payments Network Malaysia (PayNet). It is interoperable across all major Malaysian banks and e-wallets including Maybank, CIMB, RHB, Hong Leong, Touch 'n Go eWallet, Boost, and GrabPay Malaysia.

How it works:

• Merchants register for DuitNow QR through their bank's merchant services
• The bank generates a static merchant QR code linked to the merchant's account
• Customers scan with any DuitNow-compatible banking app
• Funds settle to the merchant's account typically within T+1 business day

Setup steps for merchants:

1. Apply for a DuitNow QR merchant account through your primary business bank
2. Provide business registration (SSM), bank account details, and business address
3. Receive your static QR code (typically a printed A5 card or digital file)
4. For e-commerce: integrate via your bank's payment gateway API for dynamic QR generation

Transaction fees: Malaysian banks charge 0.5%–0.8% MDR (Merchant Discount Rate) for DuitNow QR as of 2025, with many banks offering zero MDR for micro-merchants below a monthly transaction threshold.

🇸🇬 Singapore: PayNow QR

PayNow QR is operated by the Association of Banks in Singapore (ABS) and supported by all major Singapore banks including DBS/POSB, OCBC, UOB, Standard Chartered, Citibank, and others. PayNow allows instant, 24/7 fund transfers using mobile number, NRIC/FIN, or UEN (Unique Entity Number for businesses).

PayNow QR for businesses (PayNow Corporate):

• Register your company's UEN with your bank for PayNow Corporate
• Generate a static QR code via your business banking app or portal
• Display at checkout — customers can enter any amount
• For pre-filled amounts: generate dynamic QR codes via your bank's API

SGQR: Singapore also launched SGQR — a single unified QR label combining PayNow, Alipay, WeChat Pay, GrabPay, and other schemes. Merchants can apply for an SGQR sticker from their bank which consolidates all payment QR codes into one scannable label.

🇮🇳 India: UPI QR

UPI (Unified Payments Interface) is managed by the National Payments Corporation of India (NPCI). UPI QR codes are used by over 350 million Indians and accepted across PhonePe, Google Pay, Paytm, BHIM, and hundreds of banking apps.

UPI QR format:

upi://pay?pa=merchant@upi&pn=MerchantName&am=500&cu=INR&tn=Order123

Parameters: pa = UPI ID (Virtual Payment Address), pn = payee name, am = amount, cu = currency, tn = transaction note.

Getting a UPI merchant QR:

1. Register on any UPI-enabled payment app (PhonePe Business, Paytm for Business, Google Pay for Business)
2. Complete KYC with business PAN, GST number, and bank account
3. Generate merchant QR from the app dashboard
4. Download and print — most apps provide a ready-to-print QR poster

MDR: As of 2020, the Indian government mandated zero MDR for UPI transactions, making it completely free for both merchants and customers. This is a primary driver of UPI's explosive growth.

🇹🇭 Thailand: PromptPay QR

PromptPay is Thailand's national e-payment infrastructure operated by the National ITMX. PromptPay QR supports transfers via national ID, mobile number, or tax ID. Most Thai banks support PromptPay including Bangkok Bank, Kasikorn Bank (KBank), SCB, and Krungthai Bank.

The PromptPay QR format follows the Thai QR Payment standard (based on EMVCo MPM). Merchants register through their bank's mobile banking app and receive a QR code linked to their account.

🇮🇩 Indonesia: QRIS

QRIS (Quick Response Code Indonesian Standard) was launched by Bank Indonesia in 2019 and mandated all payment providers to support it by 2021. QRIS unifies OVO, GoPay, Dana, LinkAja, ShopeePay, and all bank transfers into a single QR code. One QR, all payment apps — this is QRIS's key advantage and the future direction for many Southeast Asian markets.

Setting Up a Payment QR Code: Step-by-Step for Any System

1. Choose your primary market: Which country are your customers in? Start with the dominant local system.
2. Register a merchant account: Apply through your bank or a payment service provider (PSP) like Stripe, Rapyd, or local equivalents.
3. Complete KYC/KYB: All payment QR systems require Know Your Customer/Business verification including business registration, ID, and bank account details.
4. Generate your static QR: Your bank or PSP dashboard will generate a downloadable static QR for in-store display.
5. For e-commerce: integrate the API: Dynamic QR codes require server-side API integration to generate unique QR codes per transaction with pre-filled amounts.
6. Test thoroughly: Test with multiple payment apps and verify settlement to the correct account before going live.
7. Display prominently: Print at A5 size minimum for counter display, A4 for wall display. Laminate to protect.

Security: Protecting Your Business from QR Payment Fraud

Payment QR codes have attracted fraudsters who use physical tampering and social engineering. Here are the key threats and mitigations:

Golden rule: Never release goods or services based on a screenshot. Always confirm receipt in your banking app or PSP dashboard before completing a transaction.

Conclusion

Payment QR codes represent the most accessible and cost-effective way for businesses in Asia to accept digital payments. For most small-to-medium merchants, a static payment QR from your bank is all you need to get started — it's free, works immediately, and is accepted by virtually every customer with a smartphone banking app.

As your business grows, consider dynamic QR codes for better transaction tracking and e-commerce integration. Always verify payments directly through your banking app, and inspect your physical QR displays regularly for tampering.

Need to create a QR code for your business? Try our free QR code generator for URL, vCard, WiFi, and more — or explore our deeper dive into payment systems for technical implementation details.