The global provider of contactless mobile payments and financial services software, Youtap has launched a QR code solution as well as smartphone apps for mobile money in Africa and Asia.
Youtap's solution enables customer-initiated or merchant-initiated QR code payments for smartphones and smart point-of-sale devices.
According to a statement by Youtap, the solution complies with the industry standard that was developed by Bharat, Mastercard and Visa.
"Youtap's apps can be white-labelled and branded with the logo colours of the mobile money service," the statement stated.
"The new solution gives any merchant or small business owner with a smartphone the potential to download Youtap’s Merchant App, self-register, and start accepting mobile money payments. Likewise, any subscriber with a smartphone can download the Youtap Pay App and start making payments. Merchants who do not own a smartphone could be provided a printed QR code to accept mobile money."
The company's QR code solution makes it possible for users to have a full range of mobile money transactions, this includes cash-in and cash-out transactions, airtime top-ups, bill payments and also in-store payments.
These QR codes also allows change to be given back when a customer uses cash. According to Youtap, smartphone penetration across emerging markets is remarkably increasing.
"Recently MTN Group published statistics on the growth of smartphones across its operating companies, including South Africa (15%), Nigeria (36%), Ghana (64%) and Côte d’Ivoire (100%)," they stated.
According to the association that represents the interests of mobile operators worldwide, GSMA, the adoption of smartphones is expected to reach 50% by the end of 2018.
- BUSINESS REPORT ONLINE