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QR Codes: A Solution for Unbanked, Popularized by COVID-19

By David Nelyubin
February 19, 2021
in Analysts Coverage, Credit, Debit, E-commerce, Emerging Payments, Merchant, QR Codes
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The Unbanked Population in the U.S. is Decreasing*

The Unbanked Population in the U.S. is Decreasing*

Paytm is looking to roll out another 5000 dynamic qr+ devices in the market to gain more consumer insights and feedback from the merchants, Express Computer reported.

An already increasingly popular method of payment, utilizing the smartphone at POS, has shown an amplified trend in use due to COVID-19 around the world. Paytm, an e-commerce marketplace and financial technology firm headquartered in India responds with new Dynamic QR+ devices, allowing the merchant, as opposed to the consumer, to input a payment amount to automatically generate a qr code.

According to IBEF.org, the India e-commerce sector “will reach US$99 billion by 2024 from US$30 billion in 2019, expanding at a 27% CAGR”, led by Amazon India, Flipkart and Paytm. Already a leader in the India based e-commerce market, Paytm is providing its merchants value by modernizing their QR Code solution, originally deployed to accept payments from the second largest unbanked population in the world, with updates accelerated by COVID-19.

QR codes are not only increasingly adopted in India, but in the United States as well.

Mercator Advisory Group has been monitoring the rate of payment behavior change as a result of COVID-19 in the U.S, reporting that “41% of those who have used QR codes in the past indicate they use them more or much more due to COVID-19”.

Overview by David Nelyubin, Research Analyst at Mercator Advisory Group

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Tags: Covid-19E-commerceIndiaMerchantsQR CodesUnbanked

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