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Data for today’s episode is provided by Mercator Advisory Group’s report – QR Code Developments May Disrupt the Disrupters.
Three factors affecting the future of QR codes:
- Mobile payments shifted power away from banks and towards large retailers like Amazon, Paytm, Alipay & Mercado Libre
- Central banks endorse QR codes as a means to financial inclusion, giving non-banks further traction
- How can QR codes expand into the banking system without creating risk (for bankers)
- (For bankers) how to protect against the encroachment of non-bank players?
- (For bankers) which way card networks go to counter disintermediation by QR codes?
- Japan’s Seven Bank has combined QR codes with facial recognition, opening the door for QR in mainstream banking
- QR codes are poised to move out of inexpensive mobile devices as well as low-value payments
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.