New Payments Platform ropes in QR codes

New Payments Platform ropes in QR codes

The days of fumbling for loose change at the school fete or footy match sausage sizzle could soon be numbered, after the New Payments Platform (NPP) revealed it’s working quickly with banks, merchants payment services providers to hook-up scan-to-pay QR codes to its real time network.

The real-time payments infrastructure provider on Monday revealed a fresh push to hook into the increasingly popular scan-to-pay standard that has proved wildly successful across Asia as a replacement for cash payments for small ticket transactions that bypass conventional cards.

The scannable 3D bar codes are wildly popular in Asia and many non-Western economies because they leapfrog traditional mag-stripe, NFC and EMV chip cards by facilitating real time digital transactions outside MasterCard, Visa and American Express networks and hook into non-western services like Ali Pay.

The technology is particularly popular with mobile and street vendors because it’s fast and supersedes the need to have a separate proprietary payments terminal, making it the technology of choice for fast service vendors looking to tap into increasingly cashless commerce.

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Source: New Payments Platform ropes in QR codes – Finance – Networking – Security – iTnews