QR Codes Offer a Path to Faster Payments at the "Last Mile" of Adoption
The Faster Payments Council (FPC) recently released a new white paper examining how QR codes can facilitate the adoption of faster payments at the point-of-sale (POS). The paper highlights several important findings:
- QR codes allow for payment initiation by either the merchant at the POS or the consumer via their mobile device. This flexibility makes QR codes a promising technology for driving faster payments acceptance, especially among smaller merchants.
- The FPC's QR Code Interface Work Group found ample evidence that QR code adoption has helped accelerate faster payment acceptance globally. Factors driving this include oversight, support from payment schemes, and the simplicity and ease-of-use of QR codes.
- QR codes offer the potential to bring faster payments to the "last mile" of POS adoption in the U.S. by leveraging their flexibility and simplicity. However, the report notes that the timing and extent of this transition is still uncertain.
Overall, the FPC work group's analysis suggests QR codes could play a key role in expanding access to faster payments, particularly for smaller merchants who may have been hesitant to adopt more complex POS technologies. Banks and credit unions should closely monitor developments in this area to identify opportunities to better serve their merchant customers.
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