UniCredit taps First Data for QR code-based mobile payments

UniCredit taps First Data for QR code-based mobile payments

Italian bank UniCredit has teamed up with First Data to test a QR code-based mobile payments service.

The pilot, already underway, uses First Data's Mobile Gateway to generate and exchange QR codes between merchants and customers.

First Data says that its system not only cuts the risks associated with entering card details for payments but also opens up value-added service applications such as couponing, offers, ticketing and bill payments.

The QR code pilot is the first of several payment services that the pair have agreed to work on together in UniCredit's markets around the world.

John Elkins, president, international regions, First Data, says: "UniCredit has recognised the opportunities that Universal Commerce offers and we are delighted to be working with it to make this a reality for its international customer base."

Comments: (1)

A Finextra member
A Finextra member 24 September, 2013, 13:511 like 1 like

Interesting to see that QR code based interface options that started in the US as a way to avoid NFC are now gaining traction in Europe. Mobile payments are used mainly for everyday small purchases, so the next element to tackle on the way to success is the transaction processing cost. With new regulation on interchange the Italian banks will loose significant portion of revenues, so new processing model is required to make the mobile payments economically viable.