Hold PayPal responsible: Venmo, Square Cash, And Paypal Give The QR Code A Second Life

From Forbes:

My journey with QR codes in payments began in 2012 when I led the digital wallet efforts at Bank of America. We performed a trial with Paydiant and rolled the service out to a few merchants in Charlotte, NC. The trial was not very successful and the bank moved on to eventually work with Apple, Google, Samsung, and others on NFC-based mobile payment products. Many of the shortcomings of QR codes have not gone away, and for that reason, it’s interesting to see QR codes once again surface as a US payment mechanism of choice form Paypal, Venmo, Square and others. Let’s take a look at some of the shortcomings of the QR code, and why it seems to be getting a second chance in the US.

In the Beginning

The humble QR code was originally created by Japanese manufacturers as a sophisticated barcode for tracking parts. The code quickly spread to other use cases due to its ability to carry more data and was introduced as a way to facilitate payments by Alipay in 2011. Alipay now has over 1.3B users and drives much of the commerce, along with QR-based competitor WeChat, in China and throughout Asia.

This last decade, developing countries like China and India have seen huge increases in population size as well as aggressive growth in internet availability and smartphone usage. These three factors formed the perfect recipe for mobile payment adoption. Merchants did not have to invest in costly point of sale hardware, and consumers could just use their phones to complete purchases. The QR code emerged as the defacto payment mechanism due to its ease of implementation by the merchant, and it’s familiarity with consumers. Alipay and WeChat combined account for 90 percent of the $17 trillion mobile payments market in China and their QR codes can be found on every food stall, checkout lane, restaurant table, and public transportation service in the country.

Continue reading Venmo, Square Cash, And Paypal Give The QR Code A Second Life on Forbes

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