There are more ways to send and receive payments than ever before, but the added complexity isn’t always a boon for merchants. While emerging payment methods like instant payments offer significant benefits for businesses, there is no easy way for a consumer to pay a business instantly.
QR codes are the missing link for merchants to achieve instant payments acceptance, according to QR Codes & the Instant Payments Imperative, a new whitepaper from AWS and Matera. The report examines the instant payments landscape and details how QR codes can help bridge the gap in the United States.
Greater Capabilities
Most consumer payments are already made directly from a bank account using check, debit card, cash, or ACH. To pay instantly from a bank account, consumers just need a way to share bank account credentials securely. Though consumers might be inclined to shift to instant payments, many businesses and financial institutions don’t feel they have the resources to offer instant payments. That’s where QR code technology comes in.
In countries like China and Brazil, using a mobile device to pay via a QR code is the prevailing way to pay at stores, restaurants, e-commerce platforms, and even public entities. In America, consumers are familiar with URL-based QR codes which direct them to static information.
Source
Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
