SUNNYVALE, Calif.–The first-ever QR code payment has been sent over FedNow in a test that involved a credit union.
The live test, with Star One Credit Union, involved the use of the draft X9 standard to process the payment.
The project was a collaboration between Matera, and Payfinia (a Tyfone company), and members of the X9 Payment QR Code Working Group. The $9.2-billion Star One is the lead investor in the Payfinia CUSO.
According to the organizations, a bill was presented with a QR Code; the payer with a Star One account scanned it, authorized the transaction from their credit union mobile app, and within seconds, funds were received at one of the nation’s largest banks.
“The payer hit ‘Confirm,’ and within one second, received a push notification from their app that the money had arrived,” the organizations said. “The test confirmed that instant, secure account-to-account payments—common in countries like Brazil with Pix—are now possible in the U.S. using FedNow and a standardized QR code format.”
Not Just About Speed
“QR Code payments over FedNow aren’t just about speed—they’re about giving consumers and businesses a more efficient, intuitive way to move money,” Carlos Netto, CEO of Matera, said in a statement. “This test proves that with the right standards, the future of payments can be both simple and powerful.”
Added Keith Riddle, GM of Payfinia, in a statement, “Partnering with Star One Credit Union…we’ve proven that community institutions can lead the way in payment innovation. Beyond QR code-based instant settlement, the real achievement was delivering this more than four times faster by combining AI-driven automation with rigorous testing from day one.”
About the X9 Standard
The X9 Standard Payment QR Code, developed by X9 (an ANSI-accredited U.S. standards body), creates a universal data structure for payment requests that enables global payment interoperability by being both rail-agnostic and currency-agnostic. The standard allows billers to receive payments in their preferred currency while offering payers multiple payment options through various rails and currencies.
‘Finding at Least One Way to Pay’
“By embedding these multi-rail, multi-currency options in a standardized payment request, the X9 standard ensures that almost every global citizen with a bank or fintech app can find at least one way to pay, with USDC on public blockchains serving as a universal fallback payment method that bridges disconnected economies and transforms traditionally local payment processes into globally compatible experiences while hiding the underlying complexity from users,” the organization said.