According to the GSMA, world digital payment transaction values are expected to hit 4.4 trillion USD in 2020, with another 17% continuous growth (CAGR) forecasted through 2024.
With explosive annual growth and traction, it is no wonder that more and more organizations like MNOs, Banks, and other financial services providers are looking to Apps, QR codes, and merchant payments as a priority.
For the growth of QR codes and merchant payments, interoperability must be at the heart of everything. This means interoperable QR codes and interoperability in terms of e-money wallets, scheme cards, bank delivered solutions, and the capacity to process large volumes of transactions.
Merchants don’t want to clutter their limited space with a dozen POS machines. Customers don’t want to download multiple applications or be limited, where they can spend their hard-earned money.
Merchants need to have the tools to conduct business and be digitally transformed. These tools go beyond just accepting QR Code payments to eKYC & onboarding, recording inventory, through to processing payments and providing value-added services such as loyalty programs and micro-loans.
Many of the QR code payment initiatives worldwide are driven by central banks or government regulators. These initiatives initially start with various QR codes being offered in the market and then move to the regulator or central bank to standardize the market on a common standard, typically the EMV standard.
These solutions enable a significant proportion of the population to be well served by a joined-up approach to standardizing payments, whether they be scheme cards, e-Money, or other electronic payment forms.
QR code merchant payments present a significant growth opportunity for mobile payments. Will 2021 be the year for this growth?
If your organisation is ready to go to the next level in 2021 get in touch with our experts today.