Masahiro Hara, the Denso Wave engineer who invented the ‘quick response’ (QR) code, had never imagined that his system of labelling automotive parts would one day become crucial to monetary exchange. That innovation is a preferred form of contactless transfer of value across Asia and Latin America, starting with China’s Alipay and WeChat 12 years ago. Small retailers who couldn’t afford costly credit-card terminals and high fees have been the biggest beneficiaries, as have consumers who have traditionally lacked access to bank accounts.

Now comes the next big thing: A move toward integrating disparate apps so that one day a single QR will work anywhere in the world. Brazil’s Pix QR, India’s UPI QR, Indonesia’s QRIS, the Philippines’ QR Ph, and Singapore’s SGQR are all successful examples of the basic idea that a merchant shouldn’t have to display scores of barcodes to accept funds from various sources. A single image ought to be compatible with every consumer app and wallet.

To that, add a second objective. Foreign tourists must be able to whip out their phones and settle bills like locals. National payment systems such as India’s UPI are forging agreements that will let other countries........

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