Qr Code Fintechs Set The Tone For Australia’s Payment Landscape

The popularity of QR codes is set to boom into the future with the global mobile technology market generating up to USD 290 billion in 2019 and by 2026 is calculated to reach more than USD 5,500 billion. QR codes have been gaining immense popularity for proximity payments stemming from a demand for a contactless and cashless society.While ease of use, speed, and reliability are superior to cash, the fact that most customers own a smartphone creates a significant factor in the increased adoption of QR code payments and is set to encourage financial institutions to opt for QR codes. A QR code payment works the same way as a normal QR code except when a user scans the code it will bring them to a web payment form, essentially functioning like a POS terminal.

21st October 2022

QR Code Technology Marks Its Territory In Digital Finances

There is no denying that Quick Response (QR) codes have become an integral part of everyday life, particularly with escalating demands for Covid-19 contact-tracing protocols as the pandemic ravaged throughout the globe. The technology was already popular in a number of countries in the Asia-Pacific (APAC) region with online payment and social media platforms like WeChat and AliPay in China. These platforms have led many other APAC nations to follow suit, and in the past ten years the technology has become a preferred method of payment. In the past, Australian businesses used QR codes generally only for marketing purposes by redirecting users to landing pages, websites, social media profiles or store coupons. Although Australia has been slower to utilise the technology, the roll-out of QR codes for contact-tracing throughout the pandemic demonstrated the simplicity and efficiency of the technology.

3rd August 2022

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Ziksu Capital Ltd, ACN  642 576 350 is involved in the provision of financial products/services including a digital transaction account with BSB, Account Numbers and PayID. Ziksu is a Corporate Authorised Representative (AFS Representative # 001280302) of PNI Financial Services Pty Ltd, ACN 151 551 076 and AFSL 408735. Please read and consider the relevant Terms & Conditions, Financial Services Guide and Product Disclosure Statement before using Ziksu’s products and services to consider if they are right for you. PayID is a registered trademark of NPP Australia Limited. PayID is an initiative from the New Payments Platform (NPP); fast payments infrastructure built by the Australian financial services sector and the Reserve Bank of Australia.