During this session, everyone had the opportunity to share their views on the context, issues and trends of open payment in 2022.
First, introduce yourself and Qori.
Meghan : Hi everyone, I’m Meghan, co-founder of Qori and head of business operations. Qori is a payment alternative to cards that offers both Open Banking and Crypto payments. These two payment methods are available to physical merchants, i.e. at the point of sale, for remote payments as well as for e-commerce transactions.
Qori is all about providing simple Open Banking and Crypto payments to merchants, either directly from the merchant’s existing POS terminal or from their smartphone. Last but not least, thanks to the transaction taking place directly on the customer’s phone, we are able to offer merchants 2.0 loyalty tools based on the customer’s purchasing behaviour.
Tell us what attracted you to the world of payments ?
Meghan : The thing I love about payments is that it looks so simple from the outside but in reality it is one of the most complex and exciting industries out there.
Payment is something that affects all of us. Everyone pays almost daily, and yet it is a sector that has seen limited innovation at the point of sale. Plus, I got an MBA in innovation so I’m clearly biased! When you look at it, cards have been around since the 70s and are generally still being used with a pin code. It’s crazy !
Today we see that there are 2 major trends that challenge our current payment system: Open Banking and Crypto.
Open Banking is being rapidly adopted. We know that nowadays when given the choice, 6 out of 10 people pay with Open Banking in the UK online (that’s huge!). And it’s the same for Crypto. A Visa study shows that 25% of merchants want to accept cryptos in 2022.
2022 is now!
Opportunities come from disruption and in this case there clearly is one.
At Qori, the fact that we’ve brought together these two key strengths, Open Banking and Crypto, in a single API means that we can finally offer a real and complete payment alternative to cards.And we’re really excited about the feedback we’re getting from the market. We are lucky enough to be able to work on these issues with some of the biggest players in the market. Whether it’s acquirers, terminal manufacturers, PSPs or leading merchants, it’s a real pleasure to work with such important players in the world of payments. They are partners who want to break new grounds and offer their merchants and clients the most innovative payment methods that are best suited to their needs.
In a physical shop, 1/2 people who walk in, will buy. On an e-commerce website, only 1/50 people do! How do you think we can reduce this persistent gap between physical and digital conversion ?
Meghan : I love these figures because it shows the huge opportunity at the point of sale. First, let’s keep in mind that today 8 out of 10 transactions still take place in physical stores. And yet, Open Banking has only been exploited mostly online.
There are two aspects to this answer.
First, where do some of the online conversion problems come from? It is observed that customers do not want to share their card details. That’s solved by Open Banking ; you just scan a QR code and you validate the payment directly. You don’t need your card details. So conversion increases. We see that for large amounts (plane ticket or furniture, for example), there are payment limits with your cards and therefore it does not convert. Once again with Open Banking this problem does not exist because, if the money is on your bank account, the payment goes through. Again we increase the conversion. Buyers want to pay in crypto but it is difficult to put in place and very few high street merchants accept it nowadays. With Qori this is no longer a problem. So stronger conversion.
Second, why isn’t there an Open Banking solution at every online and physical merchant if it boosts conversion and increases turnover? Simply because it is not generally available, and not nicely packaged to facilitate adoption by merchants. Which is why Qori exists.
Open Banking and Crypto are increasingly trendy. For merchants to benefit from them, what is required is an omnichannel solution that works for both environments, whether online or offline, for face to face payments on payment terminals and mobile phones, remote payments and ecommerce payments. In collaboration with our partners and customers, this is the set of solutions Qori is promoting in order to increase turnover and conversion rates at physical stores and online.