A deep dive into the QR code payment revolution with Matera
Picture this: Instead of waiting days or weeks to receive medical, utility and other bills in the mail, they are sent directly to your email via QR code. The QR code can be used with your bank’s mobile app, and after confirming payment details, your payment is processed and settled within seconds. In the near future, a streamlined experience like this could allow you to pay your bill instantly without waiting for a mailed invoice or manually entering payment information.
Matera, a leading provider of QR code and payment technologies, and its banking partner, Payfinia, recently demonstrated the first QR code payment sent over the FedNow® Service (Off-site). We spoke with Carlos Netto, CEO and co-founder of Matera, to learn more about how these end-to-end mobile payments work, the benefits of QR codes and what’s next for instant QR code payments.
Global QR code payments and the U.S. payments ecosystem
Today, Brazil is a leading example of how QR code transactions can rapidly transform a payments ecosystem. Nearly half of all payments in Brazil are made with a QR code through its Pix instant payment system, amounting to about 3 billion QR code transactions each month, according to a 2025 Matera report (Off-site). Matera processes a significant share of these transactions by providing the technology that enables financial institutions to process payments via QR code.
“Matera doesn’t offer just any simple QR code — our technology creates secure, digitally signed codes that ensure safety and protection. And they are designed to be generated at scale, so they can handle a high volume of transactions,” Netto said.
In the U.S., the X9 QR code standard (Off-site) is currently being drafted. According to Netto, this is significant because the standard will allow payment processors to create interoperable QR codes using existing connections to various payment rails like the FedNow Service.
“The goal is finding similar interoperability here in the U.S., where a single QR code can operate across multiple payment rails,” Netto said. “That way, users can simply scan the QR code and select how and when they receive their funds and make payments. This method shifts from a ‘pull’ to a ‘push’ payment model, where the QR code contains all the necessary payment information and transaction information.”
Favorite use cases for QR code payments
According to Netto, one of the biggest opportunities for QR code payments lies in bill payments — a long-standing challenge for small businesses.
Small businesses often resort to checks for payments because they lack alternatives, particularly when it comes to avoiding chargebacks. According to Netto, solutions and partnerships that integrate QR codes into invoices offer a more efficient way to pay. When a customer scans the QR code and confirms timing and method of payment, the transaction is processed and the invoice is automatically marked as paid.
This automation eliminates the need for manual updates and provides additional control over timing, which ultimately makes the payment process simpler for both businesses and customers.
In addition to benefits for end users, Netto said there is also incentive for financial institutions. QR code payments allow financial institutions to transmit data, from transaction details to routing information, to securely push money.
“The same data string you find in QR codes can be transmitted via sound,” Netto said. “Imagine speaking to an AI assistant through your headphones and asking it to make a payment.”
Netto believes this kind of versatility ensures that the QR code standard will stay relevant for future technologies. In addition to sound-based payments, he points to a recent demonstration he experienced: viewing a QR code through augmented reality (AR) glasses to seamlessly make a payment with your eyes.
As these payments become more prominent, QR codes have the potential to spur broader adoption of the FedNow Service and offer efficiency and reduced pain points for financial institutions and their customers.
The Innovation Spotlight series demonstrates the ways financial institutions, certified service providers and ecosystem providers are driving innovation with the FedNow Service. To learn more about innovative FedNow Service use cases, read our previous Innovation Spotlight articles.