Find out by strokes: NSPK intends to expand the functions of the universal QR code
A universal QR code for paying for goods and services may become more convenient for customers. Individual payment pages will appear in it, containing additional useful information. Adding this information will improve the customer experience and attract new users, experts say. However, not all banks and retail outlets are ready to use such a tool today. What will happen to the payment with a QR code, Izvestia reports.
Expanding opportunities
Individual payment pages can be integrated into a universal QR code for paying for goods and services. This initiative was initiated by the National Payment Card System (NSPK). The project was prepared in collaboration with banks and stores, and the innovation is aimed at improving the customer experience.
Banks and merchant service companies (TSPS) will be able to display additional information on their payment pages that is useful to customers. In particular, when scanning a universal QR code, not only the payment data will be visible, but also information about accumulated points, bonuses and the amount of cashback.
At the same time, banks and TSPS will be able to maintain their corporate identity on the payment pages. We are talking about branded fonts and color solutions for backgrounds and buttons.
The request for the possibility of adding unique payment pages to the universal QR code came specifically from banks, Dmitry Dubynin, General Director and Chairman of the Board of the NSPK, told Izvestia. Some of them are already developing this tool and are ready to implement it promptly. Trade and service enterprises are also interested.
— We hear the market and offer new technological solutions in response. This once again confirms that the universal QR code provides a single standard for all market participants," Dubynin emphasizes.
This code reduces the cost of banks to develop and support their own solutions, which is especially important for small institutions that cannot afford to create their own ecosystems, he says. Large commercial banks will also be able to join the universal QR code, and if necessary, the NSPK will be able to integrate their payment products.
A single QR code allows the acquirer to offer the customer all possible payment methods for the outlet, the NSPK CEO added. At the same time, the current tariffs, cashbacks and bonuses will remain for each method. This, according to Dubynin, allows us to maintain competition without changing the profitability of bank payment products.
Customer support
The innovations planned by the NSPK do not affect the basics of the universal QR code, the analyst of Banks notes.<url>" by Erania Bochkina. To a greater extent, they are aimed at increasing consumer comfort.
With the help of new information, consumers have the opportunity not only to make payments, but also to simultaneously receive all the necessary information and participate in loyalty programs, receive cashback and use coupons through a single interface, explains Nadezhda Kapustina, Professor of the Department of Economic Security and Risk Management at the Financial University under the Government of the Russian Federation, Associate Professor of Economics.
Users interested in accumulating bonuses and cashback may perceive this as an advantage, which will increase their loyalty to the service, admits Alexey Lebedev, director of the Banking and Finance Department at Reksoft. With proper advertising and an explanation of the benefits, you can attract the attention of even those who have not previously used QR codes to pay.
However, the information provided during the payment may seem redundant to some customers, the expert warns. At the same time, transactions and service speeds may slow down due to new features.
It is important to understand that an additional service cannot make the QR payment itself a more convenient means of payment, since its scenario does not change or simplify - it still requires more steps than paying with a plastic card, Lebedev clarifies.
Heterogeneous access
First of all, for sellers and banks, innovations in the functionality of the universal QR code are a way to build a more personalized relationship with the customer and talk about additional features. Therefore, both banks and stores will eventually accept everything that increases turnover and income, including such a QR code, says Nikolai Verkhovsky, director of digital transformation programs at the Skolkovo School of Management.
For the full use of the new functions of a single QR code, it is necessary to combine the systems of NSPK, banks and TSP, notes Bochkina.
— It seems that large sellers with a well-developed technological infrastructure will be able to provide such integration first of all. Small dots can face difficulties," the expert warns.
At the moment, the readiness of banks and stores to implement the extended functionality of QR codes is not uniform, confirms Nadezhda Kapustina. Large financial institutions and retailers have already invested heavily in the modernization of the payment infrastructure. Small businesses are in a more difficult position, as limited resources slow down adaptation.
— Before investing in such innovations, many people will need to make sure that there is an effect from it. If this tool shows its effectiveness among large business representatives, it will be further expanded in its application to other market players," Alexey Lebedev is convinced.
At the same time, the minimum technical requirements for working with QR codes make the entry barrier significantly lower than for traditional acquiring. An ecosystem is gradually being formed where all market participants will be able to benefit from versatility, Kapustina emphasizes.
Serious competition
QR codes are indeed increasingly used by Russians as a payment method, more than 85% of the population knows about them, says Alexander Chugunov, head of the Strategy practice at Reksoft Consulting.
"Given the legislative and regulatory support, the universal QR code has every chance of becoming one of the main payment methods," he admits. Although serious competition among payment instruments is already being observed and will continue to grow in the future.
As a payment instrument, a single QR code competes with cash, card payments, and even transfers, says Erania Bochkina. Therefore, despite the increased popularity of the code since its launch, it is unlikely to take absolute precedence among all payment methods in the near future.
— The shift of consumer preferences towards QR payments will occur stepwise, as all the advantages are realized. Traditional bank cards will remain relevant for certain use cases, however, the share of QR payments in the total volume of transactions will continue to increase, - Nadezhda Kapustina predicts. The segment of small everyday purchases looks particularly promising, where speed and convenience play a crucial role.
As the functionality expands, the demand for a universal QR code among customers will grow, the expert expects. Modern consumers value multitasking and speed, qualities that are enhanced with new code features.
— The younger generation, accustomed to digital innovation, is likely to appreciate the convenience of all functions in one tool faster. Older users can gradually switch to QR payments due to the intuitive interface and the absence of the need for special equipment, because a smartphone with a camera is enough to enter the technology, the Izvestia interlocutor does not exclude.
However, not all customers will be ready to abandon the usual payment methods, Alexey Lebedev believes. For some users, especially older ones, traditional bank cards will remain a more understandable and reliable tool.
Popularity is also influenced by the fact that there are still some restrictions when using a universal QR code. In particular, the system does not always transfer the client to the preferred bank, which forces them to perform additional operations to switch to the banking application.
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