QR Codes Beating Apple Pay in China

The video discusses the advantages of QR codes over NFC payments like Apple Pay, especially in developing countries where smartphones are expensive. QR codes are more accessible and cost-effective for both consumers and merchants. The global adoption of QR codes is driven by Chinese companies like WeChat and Union Pay, which have established a global standard for QR codes. This standard addresses security and interoperability issues, facilitating global adoption. The video also explores the trend towards a cashless society, with China leading the way in QR code payments.

Why are QR codes more accessible than Apple Pay in developing countries?

• They are only compatible with iPhones.

• They are not widely available.

• They can be used on feature phones and less advanced smartphones.

• They require expensive terminals.

What is a major advantage for merchants using QR codes?

• They need to buy costly equipment.

• They can easily print and display QR codes.

• They require a special app to scan QR codes.

• They need to partner with a bank.

What role do international credit card companies play in the global adoption of QR codes?

• They are developing their own payment systems.

• They are opposing the use of QR codes.

• They are adopting the Chinese standard for QR codes.

• They are creating a new type of QR code.

Which countries are mentioned as adopting the Chinese QR code system?

• Brazil and Argentina

• Australia and New Zealand

• India and Thailand

• Germany and France

How is the concept of a cashless society illustrated in the video?

• By discussing the decline of online payments.

• By highlighting the use of credit cards in stores.

• By demonstrating QR code payments to street performers.

• By showing the use of coins in subway stations.