Crises are, among other things, the best opportunities for progress and development. Such was the COVID-19 pandemic that brought about a major evolution in the world of fintech, financial technology. It also made digitalization and the further development of innovation and technology all the more necessary. In fact, in the digital age, the way we pay is changing rapidly. Physical money, bank cards and traditional POS devices (points of sale) are giving way to new, simpler, cheaper and more convenient technologies. At the heart of this revolution is the use of QR codes, as well as smartphones.
Asia at the forefront, Europe tries to follow
Asia and in particular Japan, China and India are at the forefront in terms of technology and in particular the use of payments by scanning QR codes, but now Europe is also trying to “keep up with the times”. One of the main obstacles that has left the continent behind is the lack of unification of such QR code payments within EU countries, which is expected to be achieved within this year. However, QR code payments have seen significant growth in Europe in recent years, where according to a survey, during 2024, an increase of 25% was recorded. Also according to the survey, about 50% of businesses in Europe accept QR code payments and over 60% of consumers have made such a payment at least once.
Again according to the survey, most Europeans prefer QR code payments to traditional forms, such as cash or debit cards, as they are safer, faster and simpler. Most QR code payments are made within 20 seconds, or even less, a shorter time than other forms of payment.
In Albania, Myiute the first “swallow”
In Albania, one of the most advanced examples is PayNow from the Myiute application. This payment system aims to ultimately replace the classic POS by offering a simple and effective solution for merchants and customers at the same time.
PayNow avoids physical equipment, so the business will no longer need to buy, install or pay for the maintenance of the POS. It also offers lower commissions for businesses that implement this form of payment, thus reducing transaction costs. These are “ecological” payments, as there are no receipts, paper use, but only a code scan and that’s it. On the other hand, such payments reduce physical contact, helping to maintain hygiene, as everything is done through smartphones, as well as saving time.
How does QR payment work for the customer?
The use is as simple as it is safe. Simple, as you just need to open the Myiute application, previously installed on your phone, scan the merchant’s QR code and confirm the amount to make the payment. The whole process takes a few seconds and does not require a card, PIN or signature. It is safe, as the Fintech company has invested in security elements and brought the best Estonian experience, which is the most developed country in Europe for IT systems and revolutionary in terms of digitalization.
A future without physical cash and POS?
Technology is moving towards simplification, and solutions like PayNow are clear evidence that the traditional system with plastic cards and POS devices is becoming increasingly obsolete. With a smartphone in your pocket, every citizen can make fast and secure payments, while businesses benefit from reduced costs, lower commissions and a more modern experience for their customers.
There are many popular payment systems, and each of them offers additional benefits. Among the most widespread, mainly in China, are Alipay and WeChat, which together own 96% of the mobile payment market in China. Google Pay is another digital wallet payment system, developed by the technology giant Google, which is increasingly being used not only in the US, but also in other countries around the world. Europe is also developing such payment systems.
Moreover, depending on the agreements that Fintech companies have with specific merchants, customers, through QR code payments, can benefit from extra services, money saved in the form of cashback, price reductions if they divide their payment into installments and many, many other forms of benefits, which they do not have in the case of cash or bank card payments. Therefore, such payments are mutually beneficial, for merchants who reduce costs through lower commissions and for their customers who benefit more.
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