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Mobile payments moves forward with app through Barclays

Lucy | June 25, 2013

Retailers will be able to accept these transactions through the new Buyit application.

Barclays’ has taken a new step forward to prove itself as a banking industry innovator by unveiling a new offering to customers in the United Kingdom that allow them to use mobile payments.

These transactions will be based on the use of QR codes printed on various forms of advertisements.

In order to use the mobile payments, the Buyit app is required. It allows customers to scan QR codes on ads in order to make purchases. It is drawn from the popularity of Barclay’s previously launched app Pingit. That app was released earlier this year. The new application, however, helps to extend smartphone transactions beyond the Pingit person to person support so that retailers can also take part.

Barclays’ has high hopes that this mobile payments offering will have a similar impact on its stocks to the last one.

Retail Mobile Payments According to one recent report, the company has been maintaining a price estimate of $22 for the stock, and that is currently riding around 20 percent above the market price where it currently stands. U.K. regulators have raised concerns about the banking industry’s capital shortfalls in light of the impact that the European region’s slowdown among banking institutions. That could help to explain the price difference that has been observed.

Barclays is hoping to keep itself at the head of the game by remaining a technology leader. Mobile payments offerings is a central part of that effort. It has previously achieved this type of solid success through the use of ATMs, which are now ubiquitous. The organization has also been leading the way in other contactless transaction solutions.

It was Barclays that launched the very first mobile payments solution in the country. The Pingit app allows customers to send money to one another using only the cell number of the recipient and without the need for the sender to know any of the recipient’s account details. The service is available for free for everyone in the United Kingdom, provided that they have a bank account and a smartphone with which to make the funds exchange.

QR codes may lead to the end of checks by 2018

Julie Campbell | June 10, 2013

The barcodes located on bills, combined with payment apps could bring an end to paper payments in Australia.

The quick and easy use of QR codes located on utility and other types of household bills could lead to the end of the use of paper checks sent through the mail as early as five years from now.

The convenience of simply scanning the barcode with a smartphone to pay a bill is very appealing to Australians.

These QR codes are now being found on a growing number of household bills, including from the massive utility companies Sydney Water and Australian Power & Gas. These are only the first billers to use them, but systems are now in place to allow a rapidly growing number of companies to print them on their invoices. For instance, BPay has just finished launching the technology in a big bank owned joint venture so that many more opportunities will soon begin opening up for customers.

This rapid growth of QR codes for making mobile payments could begin an important shift in transaction trends.

QR Codes - No more checks This is an opportunity for consumers and billers alike as the use of QR codes to help with bill payments is far less costly than using checks or even cash. The number of billers who will be introducing these barcodes on their paper bills is now about to experience a very rapid rise.

The advantage to consumers is that all that they will need to do to pay their bills is to use their smartphones to scan the QR codes using a free scanning app. This will automatically populate their own unique payment methods – such as their online banking page – with the details that they would need to type in manually using any other online technique.

Equally, the billers are able to benefit from the QR codes because it will rapidly and automatically reduce the number of data entry errors that can lead to delays in payments. The rapid support for the use of the new barcodes amidst additional plans by the banking sector to implement smartphone friendly strategy will have Australia heading forward with this type of plan at a much faster pace than many other countries of similar sizes and economies.