QR CODE FINTECHS SET THE TONE FOR AUSTRALIA’S PAYMENT LANDSCAPE
A New Dawn for instore payments with QR codes
The popularity of QR codes is set to boom into the future with the global mobile technology market generating up to USD 290 billion in 2019 and by 2026 is calculated to reach more than USD 5,500 billion. QR codes have been gaining immense popularity for proximity payments stemming from a demand for a contactless and cashless society.
While ease of use, speed, and reliability are superior to cash, the fact that most customers own a smartphone creates a significant factor in the increased adoption of QR code payments and is set to encourage financial institutions to opt for QR codes. A QR code payment works the same way as a normal QR code except when a user scans the code it will bring them to a web payment form, essentially functioning like a POS terminal.
Consumers scan a code with their smartphones and complete the payment on the spot. It’s a fast and safe cashless payments method, which removes the need to ever take money out of a wallet or go to an ATM. QR codes provide a secure system with high-level end-to-end encryption security features for financial institutions and customers to carry out secure transactions.
Ziksu and QR Codes
Ziksu is a digital finances platform offering a ‘Scan n Pay’ QR code product combining a transactional payment product and a digital transaction account, which is truly. The platform caters to both business and personal customers within the scope of Anti Money Laundering/Counter Terrorism Funding (AML/CTF) regulations and compliance.
The ‘Scan n Pay’ QR code platform is 100 percent mobile and user-friendly as it operates on any Android or iOS mobile device via the Ziksu app. Ziksu is also the first of its kind to utilise the New Payments Platform (NPP) whose original shareholder is the Reserve Bank of Australia.
Ziksu’s QR code technology enables the user to send and receive money through the app and has been developed as per the NPP QR Code Standard to support a consistent payment experience. Static and dynamic QR Codes have been developed across several use cases mainly for instore e-commerce, invoices, and P2P scenarios.
Available 24 hours a day, 365 days a year the platform allows transactions to settle in real time across more than 100 banks and financial institutions connected to the platform. Ziksu’s flagship product, ‘Scan n Pay’ is the first truly contactless payment method in Australia enabling customers to manage transactions through their mobile device, including entering an additional pin number to verify their identity.
Australia Set for Instore Payment Revolution with Ziksu
Ziksu is leading the charge in using the Reserve Bank of Australia’s NPP domestic payment rails to free the nation’s population from the dominant two-payment options of EFTPOS or cash. Instead of being chained to multinational card schemes like Mastercard and VISA, Australian fintech Ziksu utilises the Reserve Bank of Australia’s NPP domestic payment rails.
Consumers will see advantages through the ‘Scan n Pay’ QR code with zero banking fees, no delays or wait times, and additional budgeting tools and instant digital transactions. Accounts open in less than two minutes and five minutes respectively including Know Your Customer checks and identity verification.
As with all financial institutions, Ziksu is a regulated entity and conducts in-app identity verification of individuals and businesses to safeguard the integrity of the platform. Consumers can access the product by downloading the Ziksu app and once the identity has been verified are provided with a digital transaction account, which includes a BSB, account number, PayID and unique QR code.