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Web Site 9to5Mac.com has found related code in the latest beta of iOS 14 that seems to suggest that Apple is working on a way to use its Apple Pay service with QR codes. According to the 9to5.com article:
We’ve managed to access this feature hidden in iOS 14 beta 2, and although it still doesn’t work, we can clearly see an image showing how it will work. Users will point the iPhone camera at a QR Code or traditional barcode to pay bills and other things with a card registered with Apple Pay.
The opposite would also work, with users holding the iPhone in front of a scanner with a QR Code generated by the Wallet app. We can also say that there will be some kind of interaction with third-party apps, as this code was found in a public system API.
Again, this is a beta, so Apple could remove this feature at any time.