Nearly 20% of Poles aged 16-40 employ QR codes[i]. Polish mBank has introduced QR codes in its mobile app recently. Is it the next step to confirm its ‘icon of mobility’ status?
How does it work?
QR codes’ are mainly used for paying bills and invoices. The only thing consumers need to possess in order to use it, is smartphone with the bank app and photo camera. While scanning the code, all the data required for the transfer is automatically prepared in the app. It works quickly, intuitively, easily and efficiently. The process of paying an invoice lasts merely few seconds!
QR codes enter m-commerce
The majority of Polish banks already offer QR codes in their mobile apps. But the latest trend in mobile banking connected with QR codes is e-commerce and m-commerce. While purchasing on-line, consumer can opt QR in the transaction panel. The code appears on the screen and just after scanning it with the mobile app, the payment is ready to confirm. Another advantage of this method is limited risk of making mistakes, which by and large occur when entering data manually.
QR codes are even more valuable concerning the fact that in Poland most frequently used apps are banking and, in the second place, m-commerce[ii] ones. There are more than 4 million active users of mobile banking and almost 1/4 (over 1 mln) of them are mBank’s customers[iii].
Experts predict, that m-commerce’s value in Poland will significantly increase from EUR 250 mln in 2014 to EUR 625 mln this year and EUR 850 mln in 2016[iv]. In 2014 about 5 million customers in Poland bought a product, an app or service using a smartphone. That is why QR codes in mobile applications seem to hit the bull's eye.
Why QR codes?
We live in a digital and mobile banking era. The future of banking is on-line. Leading banks are simply obliged to implement new trends. If they want to build competitive advantage on the market, they should not only launch innovative solutions, but also constantly improve and adjust them. QR codes are just one of the examples of being in line with trends, what together with other innovative solutions, makes a real difference.
[ii] According to PayPal and IPSOS Global Mobile Research 2015 mobile commerce grows three times faster than whole e-commerce in Poland
[iii] As for August 2015, data collected from 12 banks