These quick response codes are meant to make it easier for consumers to scan to complete transactions.
In an effort to carve out a bigger mobile payments presence in Asia and Africa, Youtap QR codes are rolling out in those regions. The idea is to make it possible for payment transactions to be accelerated by way of quick response code scans.
The New Zealand based company is already offering mobile payments platforms and apps in Asia and Africa.
The new Youtap QR codes are designed to expand on the existing wireless transaction capabilities it offers merchants and small businesses in those continents. This way, mobile payments will be simpler and more streamlined for consumers to use when shopping, paying bills and otherwise sending funds.
The QR codes are fully compliant with the Bharat QR industry standard. This specification was developed by Visa, MasterCard and Bharat and is commonly used to make the barcodes accessible to merchants. In this way, small business owners can offer this payment method without needing to use an Electronic Draft Capture machine.
Instead, the Youtap QR codes replace the need for specialized gadgets, using mobile devices instead.
As most merchants already own and use at least one type of mobile device – such as a smartphone – they have all the equipment they need to offer the mobile payment method. They can individually brand the necessary app and facilitate the transactions by way of a simple barcode scan.
The new QR codes service launched by Youtap makes it possible for mobile payments to be sent or requested and received. They also allow for certain bill payments as well as wireless airtime top-ups. In fact, the system is even designed to make it possible for merchants to give change through a mobile payment transaction, when a customer has paid in cash. Printed QR codes make it possible for transactions to be accepted even without the merchant’s device handy.
The Youtap QR codes service announcement explained that the company saw the growing mobile payments quick response code trend in Asia and that they felt it was time to make their move. That said, they are not alone in this strategy as they face established giants in the industry such as Alipay, WeChat Pay, as well as the MasterPass QR service from MasterCard, in addition to Visa’s growing presence.