A single QR code for payments across the world will let even kiosk businesses go global
Digital payment platforms are linking up in Asia. A worldwide cross-border network of zippy payments will require much integration work, but the ease offered will outweigh the trouble taken to unify.
Masahiro Hara, the Denso Wave engineer who invented the ‘quick response’ (QR) code, had never imagined that his system of labelling automotive parts would one day become crucial to monetary exchange. That innovation is a preferred form of contactless transfer of value across Asia and Latin America, starting with China’s Alipay and WeChat 12 years ago. Small retailers who couldn’t afford costly credit-card terminals and high fees have been the biggest beneficiaries, as have consumers who have traditionally lacked access to bank accounts.