There’s a counter on the homepage of the GSMA’s website which tells you that today, there are some 5.1 billion unique mobile subscribers in the world. Elsewhere in its pages you can see that there are now more than one billion registered mobile money accounts – that’s one in five of the world’s mobile subscribers.
The rise of the mobile phone as a payment mechanism is astounding. A report by Global Market Insights puts the value of the global mobile wallet market at more than $100bn at the end of 2019 and predicts that will more than triple by 2026.
The stats keep coming thick and fast. A report by the team at Research and Markets revealed that retail ecommerce transactions now account for more than 40 per cent of global mobile wallet revenues. What’s more the R&M report thinks the share will continue to grow as more retailers adopt point of sale terminals that are mobile friendly.
Alongside this growing acceptance of the mobile phone for payments, the resurgence of the QR code is also worth exploring. We have written before about the flexibility and power of QR codes, and also of how a new audience is being introduced to the ease of use and simplicity of a QR code interaction.
At its heart, the QR code allows for the quick exchange of information using just the camera of a smartphone. But scanning that code can not only access information – it can initiate an exchange.
Our patented*, Onescan, tokenised QR code solution can initiate a simple, fast but above all else, totally secure exchange using your mobile wallet or a stored payment card to pay for goods and services. And unlike the contactless tap and go payments that make up the vast majority of mobile payment transactions, there’s no payment ceiling. With Onescan you can buy a widescreen 4K TV as easily as you can buy a cup of coffee and a doughnut.
You also stay in complete control of your data. We don’t store your information on any central server that fraudsters could hack to steal your details. Your data stays with you and only enough information is shared with the retailer to take the payment and deliver the goods – online, in store, or even from a printed page.
Onescan takes the power and flexibility of the QR code, and the ubiquity of the smartphone and mobile wallet, and makes secure payments and transactions available simply and easily for any retailer of any size, anywhere.
So, if you want to do more than simply ‘tap’ into mobile payments and would rather access the full power and size of the market, you can find out more about Onescan mobile payments here.
* It must be understood by the reader that the comments made above reflect that Ensygnia IP Ltd is a patentee in the field of technology providing a service, and who is currently engaged in litigation with the Royal Dutch Shell Group in respect of the latter’s use of such technology.
