QR codes are definitely becoming a popular way to pay, especially in some countries like China. They offer a quick and contactless payment option, which is convenient for both consumers and businesses.
However, it’s unlikely that QR codes will completely take over and make Visa and Mastercard obsolete. Here’s why:
- Wider acceptance: Visa and Mastercard have much wider global acceptance compared to QR code payment systems, which can vary depending on the region and specific payment app.
- Security: While QR code transactions can be secure, there’s always a risk of scams using malicious QR codes. Visa and Mastercard offer various security features built into their systems.
- Convenience: Contactless payments using credit cards and mobile wallets are already quite convenient and offer similar benefits to QR codes.
- Discounts & Rebates: Alot of credit cards offer deep discounts and payment rebate systems that can never happen in a DTC(Direct-to-consumer) payment method. Discounts and rebates can only happen because of the charges that vendors incur A DTC(Direct-to-consumer) payment means that vendors and business owners get full autonomy over every single cent received. Leaving discounts to vendors? think again.
So, QR codes are likely to be a major player in the future of payments, but they’re more likely to co-exist with traditional methods like Visa and Mastercard rather than replace them entirely.