View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Comment
July 5, 2019

QR code payments are landing in Europe

By GlobalData Financial

The concept of mobile payments, which surfaced almost 10 years ago, has developed reasonably well across the Asia Pacific region. However, consumers in the developed Western markets have been less keen to move away from contactless payment cards. But in Europe there is a growing indication that the development of mobile payments, and QR codes, will push forward much faster than anticipated.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

Six mobile wallets (Bluecode, ePassi, Momo Pocket, PAGAQUI, Pivo, and Vipps) covering 10 different markets in Europe are teaming up with Alipay to develop an interoperable QR code payment system. The aim is for users of all six participants to use their current mobile wallets to make QR code-authenticated payments across all 10 European markets, wherever the six wallets are accepted.

By being interoperable and utilizing QR codes, the system could bypass the networks of global schemes like Visa and Mastercard, as well as banks. The advantage is that implementation will be quick and, most importantly, maximized for cost efficiency.

Given the interconnected nature of Europe as a region and how easy it is for people to move between countries, the emergence of QR code payments has the potential to take off. The platform will help more consumers experience the ease and convenience of QR code payments, which could result in greater customer reach throughout the region. This in turn would change consumer attitudes towards mobile and QR code payments and lead to increased adoption. When the platform goes live, it will likely kick-start the adoption of mobile payments in Europe and entice mobile wallets from other non-participating markets to join the network.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International