Businesses that aren’t taking advantage of QR codes, aren’t optimising their payment systems to their maximum potential according to a new whitepaper from Matera, the embedded finance and core banking solutions provider, and Amazon Web Services (AWS), the cloud computing provider.
The report, titled QR Codes & The Instant Payments Imperative, reveals that QR codes can help organisations reduce costs whilst also enabling consumers to pay directly from their bank accounts.
In the face of mounting pressure to modernise payment systems and cater to evolving consumer preferences, the whitepaper also outlines how QR codes can serve as the missing link in making instant payments the predominant payment method in the US.
Instant payments have the potential to become the leading payment method in the US, but achieving this requires a critical component: payment QR codes. This whitepaper explores how QR codes can drive the US market toward faster, more efficient, and cost-effective transactions.
Key takeaways from the whitepaper include:
- The Role of QR Codes in Payments: how they facilitate secure and seamless digital financial transactions.
- Shifting from “Pull” to “Push” payments: how this paradigm shift drives efficiency and reduces payment processing costs.
- Establishing standards for success: understanding the critical importance of uniform standards in scaling QR code adoption.
- The importance of NFC technology: exploring how NFC complements QR codes to create a unified, consumer-friendly payment ecosystem.
“QR codes represent an innovative yet accessible technology that can help businesses and financial institutions transition to instant payments, a solution that is faster, more efficient, and cost-effective for everyone,” said Carlos Netto, CEO of Matera.
“By adopting QR code technology, we can help businesses reduce the number of payment types they manage, streamline operations, and ultimately lower costs—all while providing consumers with the seamless payment experiences they expect.”
