Mobile payment has transformed the way the Chinese pay for goods and services. QR payments are available just about everywhere in China today, so is this the future of payments that will you make in your daily life? If so, then those in it from the start may find it a lucrative market.
QR is short for Quick Response Code. Most people have seen the square two-dimension matrix code as opposed to the one-dimensional barcode. You can get a lot more information on a QR code than a barcode: there is an almost infinite number of possible variations. Once you have installed the QR app on your mobile device, you can use it to pay for virtually anything in China. Is this a sign of the future worldwide? You bet it is!!
When you go to a restaurant, you can pay in two ways:
The same is true in stores, bars or anywhere you spend money. No need for hard cash simply scan their QR code or show them your own on your smartphone. Anywhere the sign says that they accept ‘mobile pay’ you can pay using your QR app.
It should not take too long before other Asian and then Western countries begin to offer QR payments as an option. Why carry cash around if it is made obsolete? You can hide your personal QR code behind a password that is more secure than a 4 number PIN.
Does the mobile payment market offer an investment opportunity for those with a longer term view? Who knows but what happens in China doesn’t stay in China: it tends to proliferate as QR payments are sure to do.