Payments through QR codes or ‘Quick Response’ (square-shaped codes capable of storing data) are now a reality in Mexico. They have been circulating for a few years and have become a safe, simple method that gives us the ability to make a purchase without needing a card or using cash.

This sector grows globally. According to Juniper Research projections, a 300% increase in the use of this payment method is expected over the next five years as more merchants rely on the technology. At that rate, the market for QR codes on mobile devices could exceed 5,000 million dollars by 2022, compared to the 1,000 million it was worth last year.

There are several firms that are already integrated into this interoperability such as Todito Cash, Banco Azteca, Lana (Cabify), among others, that may offer this form of payment to their users.

Companies that work hand in hand with QR codes seek to generate a large digital ecosystem so that it is wider and reaches the largest possible population, which has been very successful in countries such as China and India; nations that have had phenomena similar to those we live in Mexico: low levels of population banking and high smartphone penetration.

But what are the biggest advantages of using this type of payment methods? The Dapp firm highlights five:

Ease: They provide an affordable, easy and widely adaptable solution to the market problem, since accepting this type of payment is as simple as generating a code and printing it on a sign.
Fast: Customers scan the code and pay with their mobile devices in seconds.
Security: Users do not put their data at risk and can pay with their Wallet or trusted application.
Cost / Benefit: Businesses receive digital payments without investing in expensive equipment, or with high fees such as bank terminal payments.
New markets: It is a fast and flashy payment method that opens the merchant customer base to a much wider segment of the population. Besides that it is very attractive for tourists from more developed countries.

Source: Lider Empresarial