QR codes can be used to store bank account information or credit card information, or they can be specifically designed to work with particular payment provider applications. There are several trial applications of QR code payments across the world.
In November 2012, QR code payments were deployed on a larger scale in the Czech Republic when an open format for payment information exchange – a Short Payment Descriptor – was introduced and endorsed by the Czech Banking Association as the official local solution for QR payments.
QR codes are commonly used in the field of cryptographic currencies, particularly those based off and including Bitcoin. Payment addresses, cryptographic keys and transaction information are often shared between digital wallets in this way