QR Codes: The innovation mobile money services can’t afford to ignore

QR codes have already transformed payments in China. They are becoming increasingly popular in India and other countries promoting cashless economies. But did you know QR codes can be integrated with mobile money? Youtap has developed new solutions and apps that make it easy. The Youtap Merchant App enables payments with static and dynamic QR codes; the Youtap Pay App allows customers to pay by scanning the merchant’s QR code or presenting a subscriber QR code.

When a mobile money service adds QR codes to its product offering, then any merchant with a smartphone has the potential to download the Youtap Merchant App, self-register, and start accepting digital payments. Likewise, any subscriber with a smartphone can download the Youtap Pay App and start making payments. QR code transactions are quick, easy and secure. They can be used to pay merchants directly or to give back change when a customer uses cash. Here are a few more reasons mobile money managers should consider this innovation:

  • No high-cost terminal is required, a huge savings for operators, agents and merchants.
  • Paying with QR codes can accelerate smartphone adoption. Smartphone adoption, in turn, drives data usage. Mobile operators can increase revenue by increasing sales on data.
  • Offering subscribers a premium smartphone payment experience improves the stickiness of a mobile money service.
  • QR codes make payments simple, so subscribers can keep funds in their mobile money wallets instead of cashing out.

Youtap offers QR code solutions for both customer-initiated payments and merchant-initiated payments. The Apps can be white-labelled and branded with mobile money logos and colours.

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