Wednesday, 21 February 2018 05:03

Data firm says NPP can facilitate QR-based payment system

By

A payment acceptance system based on QR code could be one use of the New Payments Platform that fintech companies could create, the data and analytics company Global Data claims.

QR is a machine-readable optical label that contains information about the item to which it is attached.

The company said in a statement that payments have consistently ranked among the top three sectors for investment by venture capital and private equity firms.

Arnie Cho, payments analyst at GlobalData, said: “QR-based payment is not entirely new to the Australian market. BPAY, the electronic bill payment system in the market, introduced a QR system back in 2013. The QR system was not mature at the time and it never gained traction at the consumer level.

“However, with China popularising the QR system, several markets have followed suit and even markets that typically shy away from QR and embrace the NFC standard are starting to take note of the advantage of QR and how it can fill the last few gaps path towards entirely cashless payments.”

GlobalData said NETS, Singapore’s national debit network, had integrated QR into its Near Field Communication-based contactless payment acceptance. It was one move by the government towards a more cashless society.

The company pointed out that while mainstream merchants accept payment cards over the NFC-based system, a segment could not justify the cost of accepting such payments; for example the cost of terminals for accepting ApplyPay or contactless payment cards. Using QR in a market that already was paying by plastic could make it cheaper.

Even in Australia a similar situation exists and with QR, the cost can be greatly reduced and implementation done very swiftly.

Cho said: “It will also benefit mobile merchants who don’t want to lug around a POS terminal but are glued at the hip to their mobile, giving them a convenient payment option. A QR-based solution built using the functionality of the NPP would also have the potential to overtake mobile POS acceptance.

"With the NPP now in place, it is looking more convincing that there is room for a QR-based payment solution in the Australian market.”

BUSINESS WORKS BETTER WITH WINDOWS 1O. MAKE THE SHIFT

You cannot afford to miss this Dell Webinar.

With Windows 7 support ending 14th January 2020, its time to start looking at your options.

This can have significant impacts on your organisation but also presents organisations with an opportunity to fundamentally rethink the way users work.

The Details

When: Thursday, September 26, 2019
Presenter: Dell Technologies
Location: Your Computer

Timezones

QLD, VIC, NSW, ACT & TAS: 11:00 am
SA, NT: 10:30 am
WA: 9:00 am NZ: 1:00 pm

Register and find out all the details you need to know below.

REGISTER!

ADVERTISE ON ITWIRE NEWS SITE & NEWSLETTER

iTWire can help you promote your company, services, and products.

Get more LEADS & MORE SALES

Advertise on the iTWire News Site / Website

Advertise in the iTWire UPDATE / Newsletter

Promote your message via iTWire Sponsored Content/News

Guest Opinion for Home Page exposure

Contact Andrew on 0412 390 000 or email [email protected]

OR CLICK HERE!

Sam Varghese

website statistics

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments