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Data for today’s episode is provided by Mercator Advisory Group’s report – QR Code Developments May Disrupt the Disrupters.
QR code payments are great for developing countries – how about Manhattan?
- QR codes offer a low-cost merchant acceptance platform that helps identify untaxed sellers
- Central banks encourage QR codes to fund bank accounts. Worldwide, 1.7 billion adults are unbanked
- It’s unlikely that QR code usage will gain traction in mature markets like the U.S., U.K. & Canada
- In mature markets like the U.K., NFC payments made up 19% of transactions in 2018. 25% by 2020.
- In the U.S., adoption of NFC is slower, but the market is 10x larger than the U.K. and the inflection point will be in 2022
- However, retailers like CVS, 7-Eleven, Whole Foods, Starbucks & Target have begun accepting QR codes
- If, for no other reason, to accommodate the 6 million tourists from China & Japan alone
About Report
Better authentication controls, centralized clearance, and network moves may change this fast-growing payment acceptance technology.
Fintech retailers, who built their business on inexpensive payment technologies, will see changes as QR acceptance matures.
Better authentication controls, centralized clearance, and network moves may change this fast-growing payment acceptance technology. Fintech retailers, who built their business on inexpensive payment technologies, will see changes as QR acceptance matures.
