Big Issue, a magazine sold by the homeless across the UK, is working with open banking provider fumopay to pilot a QR code-based way for vendors to take payments.
Big Issue sellers taking part in the fumopay pilot can accept instant payments from customers by displaying a QR code without the need for WiFi or charging card readers.
The pilot forms part of Big Issue’s wider strategy to ensure vendors are not left behind in an increasingly cashless society, where notes and coins now represent just 12% of all transactions.
The social enterprise has been working with giffgaff to help vendors take cashless payments via devices and refurbished phones for several years now.
Catherine Parsons, MD, Big Issue, says: “Introducing innovative payment solutions like fumopay alongside this support simply adds another tool to the toolkit, giving vendors more control and security when selling the magazine.”
Adds a London-based vendor: “I get paid instantly compared to card readers, which usually take a few days. There’s less cash on the streets now, so fumopay helps me sell more magazines and not lose customers.”