Itau Unibanco to launch QR code-based payments platform

Thursday 16 May 2019 09:28 CET | News

Itaú Unibanco has announced that it will launch an instant payments platform that uses QR codes in Brazil, Reuters reports.

The new platform, Iti, will work through an app connecting individuals and merchants and will be available to both clients and nonclients of the bank.

Merchants using Iti will pay a fee of 1% per transaction and will receive payments instantly. The app also does not require merchants to buy or rent card reader machines.

In addition, Itaú is considering offering investments, loans, and insurance products through the new app.

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Keywords: Itau Unibanco, Brazil, QR code payments, merchant, card reader
Countries: World