This week’s roundup will feature titles on QR code payments, CBDCs and BNPL. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Singapore set to test interoperable QR Code scheme to optimise payment acceptance [source: The Business Times]
The exploration of a single financial institution to host a variety of payment schemes could become the future of payments, as it draws many positives such as cost-cutting, greater choice for consumers, a single correspondent and streamlined checkouts. We’re seeing continued growth in the use of QR codes to facilitate payments; their popularity comes from their speedy and accessible process which can be completed on the go. This is an exciting venture as we will see a clear streamline of payment acceptance for merchants and increase payment access both locally and globally as end-users can use their chosen banking app or e-wallet to make payment. – Jovi
- Australian university piloting offline CBDC [source: Finextra]
Australia’s Southern Cross University has been testing the use of an offline CBDC on campus to pay for goods and services, with the aim to address a lack of online connectivity. We can expect to see a greater use of CBDCs in businesses and institutions to offer customers a personalised experience. The university has given students smart cards which are pre-loaded with eAUD, which demonstrates the university’s financial awareness – giving immediate access to financial support, which is imperative for those who are unable to access traditional banking services or online funds. – Jovi
- Walmart Canada has partnered with Klarna to offer flexible payments to customers [source: The Paypers]
Customers of Walmart Canada can now benefit from interest-free Buy Now, Pay Later methods with Klarna when shopping online. The solution is popular globally as it offers users diverse payment options and greater flexibility to better manage their funds in an efficient way. However, the apprehensions around BNPL services still loom, with concerns around poor financial management and BNPL being a slope into poor credit for consumers who are unable to make repayments. Nevertheless, in the economic climate, products such as Klarna will draw greater access for consumers to make essential purchases whilst better managing their cash flow. – Jovi
See you next week, back in the blog for your next weekly news roundup.