QR Code payments gaining popularity across India, South East Asia

QR Codes could be the next big thing in the digital payments space and Asian banks and FinTechs are already banking on it. Thailand’s oldest bank Siam Commercial Bank (SCB) has partnered with blockchain technology and digital asset firm Ripple to create a QR code enabled low-cost cross-border payment mechanism. Developed in Japan Developed in Japan in the mid-nineties, QR (Quick Response) code payment is a contactless payment method where payment is performed by scanning a code, containing thousands of alphanumeric characters, for facilitating payment. In a blog dated January 8, 2020, Ripple mentioned that it has partnered with SCB to help bring the company into a digital age and provide a cross-border payment facility to the latter’s over 16 million customers.