QR Codes and Mobile Payments: Are You Ready?

Right now, the marketing chatter is about QR codes. These 2d codes, which whisk you away from a print or electronic piece directly to the webpage of the marketer’s design, are also indirectly tied to mobile payments. Are you ready?

Why are mobile payments so closely tied to QR codes? If consumers are going to use their phone to access a marketer’s pages, they are going to want to use their phones for making payments. It’s part of consumer psychology. It’s part of the convenience factor.

The global market for mobile payments is predicted to grow to $633.4 billion by 2014, up from $68.7 billion in 2009. Globally, the total value of mobile payments will quadruple from $170 billion in 2010 to $630 billion in 2014, according to Juniper Research.

The types of mobile payments?

  • SMS payments
  • Mobile web payments (WAP)
  • Peer-to-peer (P2P)
  • Near Field Communications (Contactless NFC)
  • Mobio open-source 2d barcodes

If this looks like Greek to you, you aren’t alone. Fortunately, there is a great resource to give you some background on mobile payments and the security issues that attend them. Check out Mobio’s free white paper “Mobile Commerce Security: The Mobio Security Solution” here.

If you are still evaluating the power and influence of QR codes, you can also check out Digital Printing Reports’ “QR Codes: The Data Speaks,” an aggregation of all of the available research on QR codes adoption and use.

If you are doing any marketing in the social media, mobile marketing, or QR code spaces, mobile payments are something you need to be familiar with. Even if you’re not ready to pull the trigger, you need to at least be familiar with the issues and be formulating a plan.

Is that on your New Year’s Resolution list?

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