QR codes have become ubiquitous in recent years, allowing us to easily access websites, make payments, and more just by scanning a barcode with our smartphones. But QR codes originated over 25 years ago – so which bank was the first to adopt this now-commonplace technology?
The invention of QR codes
QR codes were invented in 1994 by the Japanese company Denso Wave, a subsidiary of the Toyota automotive company. The “QR” stands for “Quick Response”, as the creator intended for the barcode to be read quickly by scanners.
The first major industry to adopt QR codes was the automotive industry in Japan. Denso Wave created the codes to track vehicles during the manufacturing process. However, it didn’t take long for QR codes to spread to other industries.
QR codes for payments
In 1997, QR codes made their first major commercial debut in the payment industry. That year, QR codes began to appear on posters and advertisements in Japan, allowing people to scan the codes with their phones to automatically access websites.
But it was in 2004 that QR codes had their breakthrough in payments. That year, Japanese mobile operating company NTT DoCoMo launched their mobile payment service Mobile Suica, allowing users to make payments by scanning QR codes. This launch marked the first time QR codes were used for mobile payments.
The first bank to use QR codes
So which bank was the first to bring QR code payments to their customers? That honor goes to:
JCB
In 2005, JCB (Japan Credit Bureau) became the first payment card brand to introduce QR codes for payments. JCB issued QR code readers to merchants, who could then accept payments by scanning QR codes displayed on customers’ mobile phones.
This pioneering move by JCB kicked off the use of QR codes for mobile payments in Japan. Other Japanese banks soon followed suit, implementing QR code payment services in the late 2000s. By 2010, over 20 million mobile phones in Japan had payment capabilities through QR codes.
The spread of QR code payments worldwide
Since JCB’s launch of the first QR code payment service, the technology has spread worldwide:
- In 2011, Mastercard and Visa began rolling out QR code payments abroad.
- In 2013, Alibaba introduced QR code payments in China through Alipay.
- Apple Pay and Google Pay launched QR code payments in the late 2010s.
- During the COVID-19 pandemic, QR code ordering and payments boomed in cafes and restaurants.
Today, QR code payments can be found in over 50 countries globally. But it all started with JCB back in 2005. The Japanese credit card company pioneered QR code mobile payments, which have now become commonplace around the world.
Conclusion
In summary, while Denso Wave invented QR codes in 1994 for the automotive industry, it was Japan Credit Bureau (JCB) in 2005 that first brought QR code payments to the banking and financial sector. By issuing QR code readers to merchants, JCB enabled customers to make payments by scanning QR codes on their mobile phones. This groundbreaking move by a bank kicked off the global rise of QR codes for mobile payments that continue to be popular today.