For example, the QR-based payment acceptance would have a great potential in the Australian market through the NPP platform.
Australia struggles with a segment of merchants that have yet to take up electronic payment acceptance. With QR acceptance, the cost can be greatly reduced and implementation can also be done swiftly.
QR-based payment is not entirely new to the Australian market. For example, BPAY, the electronic bill payment system in the market, introduced a QR system in 2013.
From a cost and technical perspective, a QR-based solution will be the most efficient solution to implement for profit-driven fintechs.
According to GlobalData’s Smart Money Analytics, a database that tracks funding in the fintech space by the world’s top venture capital and private equity firms, payments have consistently ranked among the top three sectors for investment.
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