Youtap, a global provider of contactless mobile payment and financial services software, has launched a QR code smartphone solution and apps for mobile money services in Africa and Asia.
Youtap’s solution enables customer or merchant initiated QR code payments via a smartphone and smart point of sale device. The solution complies with the BharatQR industry standard developed by Bharat, Mastercard and Visa. Youtap apps can be white labeled or branded with the mobile money service logo and colors.
The new solution allows any merchant or small business owner with a smartphone to download Youtap’s Merchant App and register to start accepting mobile money payments. In addition, any subscriber with a smartphone can download the Youtap payment application (Pay App) and start making payments. Merchants who do not have a smartphone can get a printed QR code to accept mobile money.
Youtap’s QR code solution enables a wide variety of mobile money transactions, including deposits and withdrawals, electronic top-ups, bill payments and in-store payments.
QR codes can also be used for change when a customer uses cash.
The penetration of smartphones in emerging markets is still stronger. MTN Group recently published statistics on the growth of smartphones within its operating companies, notably in South Africa (15%), Nigeria (36%), Ghana (64%) and Côte d’Ivoire (100 %). According to the GSMA, an association that represents the interests of mobile operators around the world, adoption is expected to reach 50% by the end of 2018.
In Asia, where smartphone adoption is high, QR codes are already widely used for making payments.
Source: African Manager