Scan code payment is going to be eliminated! QR code is going to be eliminated from the stage of history

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The launch of the digital RMB will definitely change people's payment methods. With digital currency, there will definitely be digital wallets. Alipay and WeChat play the role of digital wallets to a certain extent. It is an evolution from opening a wallet to opening Alipay and WeChat. However, wallets will eventually return to the hands of traditional banks, and QR codes are destined to become history.

Who will replace the QR code?

There are several necessary conditions for scanning code payment, including mobile phone, network and App. In the past, we have become accustomed to this payment method, but scanning code also has some inconveniences. For example, the mobile phone is out of power, there is no signal, the App is updated or stuck or crashes. Of course, this is a low-probability event and will not happen frequently.

The new payment method will definitely be superior and more convenient to a certain extent. For example, for face-scanning payment, you only need to authorize in advance. You don’t need to open your phone or app. You can just scan your face on the payment terminal to make the payment. Of course, the promotion of face-scanning payment obviously depends on apps used by all people (such as Alipay and WeChat), and also requires corresponding terminal equipment. The manufacturing cost of equipment is obviously higher than that of QR code scanning, so it is not widely popularized.

Therefore, more convenient, lower-cost and more secure payment methods will eventually replace QR codes.

Ownership of digital currency and digital wallets

In the past few years when Alibaba was at its peak, Jack Ma claimed to subvert the traditional financial industry, which to some extent also touched the regulatory back scale. It is not accidental that the anti-monopoly brought the listing process of Alipay's parent company to an abrupt halt. The central bank took the opportunity to promote digital currency and also had the purpose of unifying the supervision of payment channels. Although the central bank once stated that the digital RMB will not replace the QR code, the digital RMB itself is a currency attribute, and the QR code is a payment method. Of course, the two do not conflict, but digital wallets will definitely become a strong rival of the QR code.

First, QR codes do not have the ability to pay offline. The promotion of digital wallets must be equivalent to that of physical wallets. When connected to the Internet, they can be recharged or settled. When actually used, they can be delivered through near-field communication technologies such as NFC. To buy something, you only need to bring your phone close to the sensing area to pay. Apple Wallet has already achieved similar functions.

Not long ago, Huawei acquired a payment license through an acquisition, which is also a step towards the payment industry. Digital wallets will definitely replace QR codes, but it will take some time for the public to accept new things. Whether the digital wallets belong to mobile phone manufacturers or commercial banks depends on who provides better services. Of course, it is not ruled out that WeChat and Alipay will derive digital wallet functions through mini-programs or apps. What is certain is that QR codes will eventually exit the stage of history.

The transaction fee will be the final straw for Alipay and WeChat

A series of financial activities such as withdrawing cash from WeChat and Alipay, paying credit cards, etc. have already been subject to additional service fees. This is the financial industry's countermeasure against Internet companies. With the promotion of the digital RMB, it is only a matter of time before Alipay and WeChat are put under pressure through service fees.

In addition, the circulation of the digital RMB led by the central bank does not involve any handling fees, and it is backed by international credit. To put it bluntly, it is hard currency. The promotion of QR code payment is subject to geographical restrictions, and there are still problems with overseas settlement.

Conclusion: Regardless of security and convenience, the digital wallets spawned by the digital RMB will definitely replace QR codes, and the exit of QR codes from the stage of history is a foregone conclusion.