QR code-enabled P2P payment systems and methods

1. A computer-implemented method, comprising:

determining, by a processor of a mobile device, a funding financial account for a payment transaction;

receiving, by the processor, a user input comprising a payment amount for the payment transaction;

determining, by the processor, identification information associated with a user of the funding financial account;

determining, by the processor, that additional security is to be used in the payment transaction;

configuring, by the processor based on the additional security determination, a transaction token incorporating the determined identification information;

generating, by the processor, a QR code comprising a representation of the payment amount, the transaction token, and an application identifier associated with a payment application of the mobile device used to generate the QR code;

displaying, by the processor, the QR code on a display of the mobile device; and

transmitting, by the processor, a notification indicating the generation of the QR code to a server, the notification including an image of the QR code.

2. The method of claim 1 , further comprising:

receiving, by the processor, a notification that the funding financial account contains funds equal to or greater than the received payment amount.

3. The method of claim 1 , wherein the notification comprises one or more of the payment amount, the identity of the user associated with the funding financial account, the identity of a user intended to receive the payment, or the date and time that the QR code was generated.

4. The method of claim 1 , further comprising:

determining that the user requests to add a memo field to the QR code; and

determining that the user requests to configure the mobile device to print the QR code or email the QR code to another user.

5. The method of claim 1 , further comprising:

detecting, by the processor, a location of the mobile device; and

requesting, by the processor, additional security for the QR code based on the detected location of the mobile device.

6. The method of claim 1 , further comprising:

determining that a user associated with the funding financial account requests additional security for the transaction;

determining, in response to the request for additional security, information associated with the user, wherein the additional information includes biometric verification credentials for a user associated with the funding financial account.

7. The method of claim 1 , further comprising:

determining, based on a creditworthiness of the user associated with the funding financial account, that a user associated with the funding financial account requests additional security for the transaction.

8. The method of claim 1 , wherein the funding financial account comprises one of a credit account or a debit account.

9. A mobile device, comprising:

a display;

a memory storing instructions; and

a processor configured to execute the instructions to:

determine, by the processor, a funding financial account for a payment transaction;

receive, by the processor, a user input comprising a payment amount for the payment transaction;

determine, by the processor, identification information associated with a user of the funding financial account;

determine, by the processor, that additional security is to be used in the payment transaction;

configure, by the processor based on the additional security determination, a transaction token incorporating the determined identification information;

generate, by the processor, a QR code comprising a representation of the payment amount, the transaction token, and an application identifier associated with a payment application of the mobile device used to generate or display the QR code;

display, by the processor, the QR code on the display; and

transmit, by the processor, a notification indicating the generation of the QR code to a server, the notification including an image of the QR code.

10. The mobile device of claim 9 , wherein the processor is further configured to execute the instructions to:

receive a notification that the funding financial account contains funds equal to or greater than the received payment amount.

11. The mobile device of claim 9 , wherein the notification comprises one or more of the payment amount, the identity of a user associated with the funding financial account, the identity of a user intended to receive the payment, or the date and time that the QR code was generated.

12. The mobile device of claim 9 , wherein the processor is further configured to execute the instructions to:

determine that the user requests to add a memo field to the QR code; and

determine that the user requests to print the QR code or email the QR code to another user.

13. The mobile device of claim 9 , wherein the processor is further configured to:

detect a location of the mobile device; and

request additional security for the QR code based on the detected location of the mobile device.

14. The mobile device of claim 9 , wherein the processor is further configured to:

determine that a user associated with the funding financial account requests additional security for the transaction;

determine, in response to the request for additional security, information associated with the user, wherein the additional information includes biometric verification credentials for a user associated with the funding financial account.

15. The mobile device of claim 9 , wherein the processor is further configured to:

determine, based on a creditworthiness of the user associated with the funding financial account, that a user associated with the funding financial account requests additional security for the transaction.

16. The mobile device of claim 9 , wherein the funding financial account comprises one of a credit account or a debit account.