New report explores how consumers and businesses are using QR codes to streamline commerce and information sharing
The COVID-19 pandemic made 2020 the year when quick response (QR) codes finally gained traction in the United States and Europe. Consumers increasingly expect to be able to earn and redeem rewards seamlessly during checkout, apply coupons and offers, and then pay with a card (or other payment option) on file. QR codes embedded in retailer and payment provider apps can enable access to all this information and a streamlined experience for the consumer.
In a new Impact Report, The Rise of QR Codes: Applications in Payments and Beyond, research and advisory firm Aite-Novarica Group provides an overview of the current QR code landscape, with a focus on payments. Aite-Novarica Group conducted interviews with executives from card schemes, banks, and technology providers in the banking and retail industries.
“Payments are global,” said Ginger Schmeltzer, Strategic Advisor at Aite-Novarica Group and author of the new report. “Commerce is crossing borders and demand has increased during the pandemic. The banking and retail industries must be prepared to support merchants with international payment acceptance capabilities.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.