The Power of Wallets, Open Banking, Real Time Payments and QR Codes

Here we look at two revolutions going on in payments. The first, QR codes, is well underway. The second, Variable Recurring Payments, is getting going. Both build on the modern payment infrastructure of open banking, real time payments and wallets.

Case study: QR codes and the Philippines 24 countries with almost five billion people (55% of the world’s population) have a national QR code payment standard, ensuring point-of-sale (POS) consistency, commonality and interoperability.

While a mix of digital wallets and real-time payments are defining consumer payments today, QR codes remove the need for hardware at POS and, online, the need for the manual entry of account details. The resulting low friction payment experience for consumers, and low-cost digital payment acceptance for retailers, has had a huge impact. Sole traders and small businesses have particularly benefited.