A trend which has been sweeping Asia accounting for trillions of dollars in payments in China alone is coming to Europe.
KogoPAY, the payments company which aims to make sending money internationally as easy as sending an email, has developed a new mobile payment app; instant wallet to wallet and QR code payment. These QR codes are already used by airlines for boarding passes and many other applications requiring ease of use and high levels of security.
But until now within Europe and North America, not for payments.
Consumers in countries with mature payments technologies rely on tried-and-tested credit and debit cards and are generally unaware that there are alternatives. But these payment methods can be expensive for retailers, with those costs ultimately passed on to the customer.
Markets such as China have leapfrogged credit and debit cards to widespread usage of the codes within apps such as Tencent’s WeChat and Alipay. Last year, Chinese consumers spent over trillion using mobile payments and QR-codes from zero in 2013 with mobile payments expected to triple by 2020 to almost trillion, according to The Finanser.
KogoPAY’s QR codes are easy for consumers and retailers – and free! To pay with QR codes, the consumer needs to download the KogoPAY app which is due to launch in Q1 2020. To receive payments, a street stall just needs to print out their code and tape it to their stall.
This is an amazing change - anyone can be a cashless retailer.
KogoPAY will soon launch a crowdfund to promote its new app with QR codes too. For more info about taking part, please see www.crowdcube.com/kogopay.