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Apple Gets into the QR Payments Game

By Sarah Grotta
July 9, 2020
in Analysts Coverage, Credit, Debit, Mobile Payments, P2P
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QR Codes

All signs are pointing to the launch of a new Quick Response (QR) payment option from Apple, joining the likes of PayPal and other payment industry participants. DigitalTransactions, citing the 9 to 5 Mac blog, noted there is evidence in upcoming iOS 14 of QR code capabilities within Apple’s wallet feature:

“References found in the iOS 14 code reveal that Apple is working on a new method for letting users make payments with Apple Pay by scanning a QR code or traditional barcode with the iPhone camera,” the post says. “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.”

9 to 5 Mac also said the opposite also could work, “with users holding the iPhone in front of a scanner with a QR code generated by the Wallet app.”

QR code use for payments is wildly popular in Asia, with China being a notable example. These codes have been favored because of the very low barriers of entry for merchants to install this form of payment acceptance. The technical requirements and the cost is virtually nil for interested merchants. In countries where the infrastructure to accept NFC card payments is spotty or nonexistent, this makes digital payment acceptance possible.

Perhaps there is a play for other geographies where cards are the entrenched form of payment, but where a new, easy to implement, contact-free option like that of a QR code payment interaction may be valued as the global pandemic continues to rage.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

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