As consumers seek greater speed and convenience in their payment transactions, merchants are increasingly adopting QR code payments and other digital payment types. Digital wallets now account for 58% of regional e-commerce purchases and are expected to reach almost 70% by 2023. Digital wallets also now surpass cash at POS, accounting for 36% of in-store sales in 2019.
To meet this demand, JCB is driving acceptance of QR payments among consumers as part of its quest to be the preferred card brand. JCB chose FIS because of its global footprint, deep network of local acquiring licenses, and for the advanced capabilities of its Payments One switching and acquiring services platform.
The platform is customizable across a range of device and payment types. With this new payment method integrated into the platform, partner banks can quickly and easily enable JCB QR Code Payment for their client base.
JCB plans to first use the platform to handle QR payments between Vietnam and Thailand, with plans to roll out across the APAC region.
“Improving the customer experience across the market is our number one goal,” says Kenta Seya, Executive Vice President, Global Network Implementation Department at JCB. “By creating a cross-border solution, we look forward to creating a more consistent experience for JCB card members as they travel, allowing them to pay using their preferred method, no matter where they go. Working with FIS will give us the broad reach to their partner banks globally to achieve the goal.”
“By integrating QR payments for JCB cardholders through our Payments One switching and acquiring services platform, our partner banks will now have a way to deliver QR-based payments faster than before,” said Mahesh Ramamoorthy, Managing Director, Banking Solutions, FIS.