Will Use of QR Codes Grow in the Age of Social Distancing
The cost of making QR payments is lower than that of Visa and MasterCard, since unnecessary intermediaries – Visa and MasterCard themselves – are eliminated from the process.
Therefore, QR code based payment systems, at a minimum, can offer a reduction in commissions, which is very attractive to businesses, who can then offer more competitive pricing to customers, according to new research.
QR payments may even become free due to the distribution and legalization of open source solutions by regulators. In the meantime, commissions will depend on the greed of the banks and their willingness to change business models, reducing their share of transaction income, in favor of, for example, a more honest business model, such as subscriptions.
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