Connect with us


Leaders and Laggards – Real-time payments growth across regions




QR Codes in Latin American Digital Banking: 2021 and Beyond



With the growing knowledge and adoption of digital banking, many consumers are still learning about the capabilities of contactless payments due to new perceptions of value, security, and availability, creating an ongoing challenge for merchants. Consumers are seeking out simplicity and instantaneous opportunities more than ever before in this growing digital age and look to familiar tools like QR codes that fit this bill and provide better solutions to everyday payments.   

Recently, our team announced the implementation of a payment method in the Brazilian Market to bring instant payments to life using QR codes. This solution allows non-credit cardholders and fraud-wary consumers to use QR codes without sharing additional information online to pay for goods and services around Brazil. QR code capabilities like this expand the opportunity to complete instant payments at any date or time to pay for goods and services to millions of people.

But how impactful are QR codes to digital payments? Which regions are impacted the most by QR codes? What options do QR codes provide digital payment consumers? Let’s answers these questions and address the future of what consumers should expect moving forward. 

QR codes in today’s digital banking

With consumer preferences continuing to shift toward touch-free interactions, it’s critical that businesses can connect physical and digital commerce. By providing consumers opportunities to pay digitally via a QR code and popular digital wallets, businesses are more convenient and offer more choices for all modes of commerce, especially as in-person shopping, dining and entertainment experiences resume. 

According to Harvard Business Review, cash only accounted for 30% of transactions as early as 2017. Statista reported that US-based businesses processed more than $170 billion in cashless transactions in 2018 alone. Consumers are becoming more comfortable with innovative payment technology as years progress and the standard credit card continues to be the preferred method of payment over cash in the U.S. 

With the pandemic still garnering much of the attention in 2021 and impacting how people shop, contactless shopping is more relevant and popular than ever. Digital merchants offering cashless options make purchasing more convenient and safer for all. As the pandemic continues to impact small businesses all over the world, QR technology is playing a crucial role when it comes to adapting and moving forward into a new generation.

Regional adoption of QR codes

New forms of digital payments have grown rapidly across Latin America and the Caribbean in recent years, with a particular acceleration during the pandemic. That includes digital wallets and QR code-based transactions. For 2021, that adoption is poised for further growth. 

A large part of the acceleration comes from merchants – who had previously dictated payment terms – turning to new, digital alternatives for their clients. For example, merchants that introduce QR codes for a seamless checkout solution are attempting to improve the customer experience, increase average order value (AOV), while also creating some money-saving automation for the merchant. 

Both small merchants and large banks are getting into the QR race for different consumer markets.

Recently, the Peruvian Central Bank allowed nine digital payment provider companies to operate with QR Code payments in the country. These agreements, transactions, and breakthrough decisions in digital banking have transformed the traditional methods of payments in uncharacteristic regions like Peru that is still a traditional cash-dependent society.

According to a recent Mastercard survey, 66% of respondents in Latin America and the Caribbean and 63% in the Middle East and Africa expect to use payment technologies such as QR codes in the next year. The adoption of new payment technologies such as QR codes, cryptocurrencies, and biometrics is on the rise. 

It’s not just Latin American and Caribbean companies. In Asia-Pacific, More than 90% of respondents across the region indicated that they would consider using at least one “emerging payment method” in the next year, while 84 percent of consumers said they have access to a wider range of digital payment options than they did a year ago, according to the same survey.

Looking toward a post-pandemic society, digital currencies, biometrics, contactless, and QR codes are becoming more mainstream as consumer’s comfortability and understanding of them increases and the use of cash decreases. Trends like QR codes are introducing a gradual shift toward a digital economy and a shift that may eventually lead us toward a global cashless society.

Options for consumers

QR codes have been around for decades, but the pandemic showcased a shift to a remote lifestyle that needs technology to keep society progressing. Businesses can now connect with their customers while maintaining health and safety protocols with the help of payment merchants. QR codes have accelerated cashless and paperless opportunities, allowing for flexibility, security, and growth when Latin America and the world needed them most.

For today’s world of digital banking, QR platforms most commonly allow customers to make payments to all banks in a certain region through codes, a great technological advantage that allows simplistic and instant payments. Their machine-readable optical labels contain information about items and consumer goods with locator data, identifiers, and trackers that direct seamless transactions to a website or application. 

More banking and payments brands are actively advocating contactless payments and many new merchants are joining the party. Incorporating contactless payment options like QR codes encourages the adoption of new technology among millions of users, especially as these merchants partner with retailers and other B2C companies that may bring more customers on board.

New wallet providers and established players in digital payments alike are using QR code technology and other features to generate loyalty, which are proven tactics to win over progressive consumers and ultimately broaden mobile wallets’ user base. 

As businesses continue to return to in-person operations, QR codes have presented both consumers and merchants with added convenience and reassurance for reliable digital payment options. It is not likely to be disregarded when social distancing eases and may even provide more ways to elevate the consumer experience in the future. 

Gustavo Ruiz is CEO of SafetyPay. Formerly head of LATAM for SafetyPay, Ruiz brings extensive experience in Payments, Banking and Travel industries. Prior to SafetyPay Ruiz was VP and General Manager for American Express, Membership Travel in LATAM. He also successfully led American Express Bank in Mexico. Ruiz holds a bachelor’s degree in Business Agronomy from Colorado State University and a Diploma in Foreign Trade from the Universidad de las Americas. Ruiz’s strategic vision and knowledge of international markets is helping SafetyPay achieve aggressive performance goals including increasing market share and enhanced bottom-line results.

Coinsmart. Beste Bitcoin-Börse in Europa

Continue Reading


Cointelegraph Consulting: Report pictures a crypto-consumer portrait

While some have doubts when it comes to cryptocurrencies as a form of payment, this survey of active users indicates that they are genuinely impactful reasons for switching to crypto.



Bitcoin’s status as legal tender in El Salvador has recently sparked a new round of discussion concerning Bitcoin (BTC) and its role in the world economy. Despite ambiguous reactions from institutions such as JPMorgan Chase and the World Bank, some feel that Bitcoin’s status as a means of payment is now more explicit than ever.

Meanwhile, the perception of Bitcoin among retail users is contrasted sharply by institutional uncertainty. A recent study by CryptoRefills, a company that sells vouchers and gift cards in exchange for cryptocurrency, seems to suggest that many users view Bitcoin as a useful way to pay for goods and services, with 66% of survey respondents stating that they view cryptocurrencies as a method of payment.

Among the group surveyed, data suggests that Bitcoin is the most popular cryptocurrency, accounting for roughly 78% of the shopping transactions made. Many users hold other assets in their portfolios as well, such as Ether (ETH) and Litecoin (LTC).

Litecoin appears to be especially popular among users who buy goods and services with crypto, despite only ranking as the 12th-largest  cryptocurrency by market capitalization. It takes second place by transaction volume and the third place by ownership percentage, with 31% of the crypto consumers surveyed holding a reserve of the token.

Survey data suggests that lower transaction fees and faster execution of transactions have increased the rate of adoption for payment coins, such as Litecoin and Dash. On an average day, Bitcoin’s transaction fees are roughly 1,900 and 500 times more expensive than transactions with Litecoin or Dash, respectively.

The report also attempts to shed light on the people adopting cryptocurrencies as a means of payment, suggesting that crypto-consumers can be found in all regions of the world across a diversity of socioeconomic backgrounds.

It highlights two major groups that both favor crypto as a means of payment, with both representing two different worlds.They are different by the country of residence, their occupation and income. The survey results may demonstrate distinct motivators that drive people to shop using cryptocurrencies.

The data seems to paint the picture of a user whose crypto adoption is forced by external economic issues, such as lack of access to banking services and other payment options, or the economic instability in their countries.

According to the survey, crypto consumers in this group come from developing economies and tend to be self-employed. Many of them receive crypto as payment for their services — ranging from coding tasks to writing blog posts — and they spend crypto because of the necessity, with about half of the respondents unable to cash out their crypto holdings.

Crypto also enables useful remittance services for migrants. CryptoRefills’ data suggests that the percentage of migrants among crypto consumers outstrips the overall percentage of migrants worldwide by 4.75. The number points to an increased level of interest in crypto from people living outside of their home countries, as traditional international money transfers tend to be more expensive and take longer to process.

The second group of crypto consumers come from developed countries, and they seem to support crypto adoption for the sake of trying the newest technologies. The report alleges that none of the issues associated with crypto shopping scares away these crypto enthusiasts, who are genuinely committed to innovation.

The survey also noted an exponentially increasing rate of crypto adoption among the users surveyed. The number of crypto holders has accelerated in the last two years, according to the CryptiRefills report, with 20% of crypto consumers first buying digital assets within 2020. The data also seems to demonstrate that less than a third of surveyed crypto consumers owned digital currencies before the 2017 crypto boom.

However, users are facing numerous problems that could be stunting the growth of cryptocurrencies as a means of payment. A recent article by the Wall Street Journal highlighted several perceived issues with crypto-funded shopping, such as high transaction costs, long transaction processing times and price volatility, but the survey by CryptoRefills found some reasons beyond the most obvious ones. 

According to the report, more than half of the users surveyed did not know how to find retail locations that accept blockchain-based assets. While the market for crypto shopping is still in its early stages, the data shows that accepting crypto in return for goods and services could be a golden opportunity for merchants. Ranked second among the barriers, after costly transactions (49.4%), comes store or product unavailability.

In fact, merchants rarely accept crypto as a payment, which significantly limits the number of choices available to crypto consumers. However, over 40% of crypto consumers make purchases with cryptocurrencies at least once a week, and a total of 75% shop with crypto at least once per month. This seems to indicate that crypto consumers are loyal customers, and merchants could consider adding Bitcoin to their payments list. 

The adoption of crypto shopping is heavily dependent on the demand from consumers on one side and on shopping experience on the other side. As more people are willing to pay with crypto to buy goods and services, merchants are increasingly likely to make such payment methods available. In the end, even Tesla is ready to accept Bitcoin for its cars under specific conditions.

Coinsmart. Beste Bitcoin-Börse in Europa

Continue Reading


Weekly Wrap: China pushes U.S. to take central bank digital currency seriously



This week, Bank Automation News delves into a House committee’s inquiry into a potential central bank digital currency (CBDC), and explored China’s role in prompting the U.S. to explore a CBDC, as well as the U.S. hesitancy to adopt digital currency. The BAN team also explored how neobanks are causing more banks to abandon a […]

Coinsmart. Beste Bitcoin-Börse in Europa

Continue Reading


London based Open Payments Fintech Volt Secures $23.5M via Series A led by EQT Ventures



London-headquartered Volt, an open payments gateway provider, has secured $23.5 million in capital through a Series A round that was led by EQT Ventures.

Augmentum Fintech, Fuel Ventures, and angel investors including Adyen co-founder Robert Kraal and FIS non-executive director Gabriel de Montessus took part in Volt‘s latest investment round as well.

Launched in 2019, Volt aims to provide convenient access to Open Banking payments across Europe. It reportedly connects more than 5,000 banking platforms in the UK and EU. This helps bring together new generation account-to-account payments infrastructure to a single point of access.

Volt’s management noted that there are 58 countries that are introducing new instant payment schemes, with firms throughout the world now embracing a more digital way of conducting business. With this new funding, Volt aims to expand operations into new markets so that it can increase its global presence.

Tom Greenwood, CEO at Volt, stated:

“Instant payments are set to dominate the global payments landscape and will become the new normal. It’s an exciting time to be in payments, and we are delighted to have secured such a significant funding round, and the backing of an influential group of investors.”

Tom Mendoza, Partner at EQT Ventures, remarked:

“The pandemic has created an inflection point in the payments sector; faced with unprecedented online demand, merchants and PSPs are re-assessing the technical infrastructure that underpins their business. Volt’s team of payments experts are creating meaningful change and building a new category in instant payments, forging the path by bringing new real-time networks to a single switch. We are delighted to be working with Tom and the team.”

As covered in April 2021, Volt revealed that it has developed new cash management functionality. It offers merchants and payment service providers with full visibility of Open Banking payments made via the UK’s Faster Payments Service and the European SEPA Credit Transfer and SEPA Instant Credit Transfer schemes.

Currently available in the United Kingdom, and also across Europe, Volt Connect has been designed to give merchants more control of their cash by allowing them to keep track of multi-currency PSD2 payments from the point of initiation to the moment of arrival in their accounts. Automatic reconciliation and reporting offer recipients with instant notification of transaction settlement, enabling them to credit the intended customer account a lot faster and in a reliable manner.

Coinsmart. Beste Bitcoin-Börse in Europa

Continue Reading
Energy5 days ago

Extensive Demand from the Personal Care and Cosmetics Industry Coupled with the Booming Construction Industry will Invite Impactful Growth for the Mineral Oil & Mineral Spirit Market: TMR

Esports3 days ago

World of Warcraft 9.1 Release Date: When is it?

Energy3 days ago

Biocides Market worth $13.6 billion by 2026 – Exclusive Report by MarketsandMarkets™

Esports4 days ago

Clash of Clans June 2021 Update patch notes

Big Data5 days ago

In El Salvador’s bitcoin beach town, digital divide slows uptake

Aviation5 days ago

Boeing 727 Set To Be Turned Into Luxury Hotel Experience

HRTech4 days ago

Pre-Owned Luxury Car dealer Luxury Ride to add 80 Employees across functions to boost growth

Esports3 days ago

Here are the patch notes for Brawl Stars’ Jurassic Splash update

Blockchain3 days ago

Former PayPal Employees Launch Cross-Border Payment System

Blockchain3 days ago

PancakeSwap (CAKE) Price Prediction 2021-2025: Will CAKE Hit $60 by 2021?

Esports2 days ago

Here are the patch notes for Call of Duty: Warzone’s season 4 update

Blockchain4 days ago

Since It Adopted Bitcoin As Legal Tender, The World Is Looking At El Salvador

Energy3 days ago

XCMG dostarcza ponad 100 sztuk żurawi dostosowanych do regionu geograficznego dla międzynarodowych klientów

Gaming4 days ago

Super Smash Bros. Ultimate – Tekken’s Kazuya Mishima is the Next Challenger pack

Blockchain2 days ago

Will Jeff Bezos & Kim Kardashian Take “SAFEMOON to the Moon”?

Esports2 days ago

How to complete Path to Glory Update SBC in FIFA 21 Ultimate Team

Blockchain4 days ago

Civic Ledger awarded as Technology Pioneers by World Economic Forum

Esports2 days ago

How to unlock the MG 82 and C58 in Call of Duty: Black Ops Cold War season 4

Esports2 days ago

How to unlock the Call of Duty: Black Ops Cold War season 4 battle pass

Blockchain3 days ago

CUHK Pairs with ConsenSys To Launch Blockchain-based Covid Digital Health Passport