Spanish Bank Launches Mobile App Tapping QR Codes For P2P Payments

Spanish Bank Launches Mobile App Tapping QR Codes For P2P Payments

Spanish Bank Launches Mobile App Tapping QR Codes For P2P Payments

Spanish bank ‘La Caixa’ launched a mobile app tapping QR codes for P2P payments. This new application, called Transfi, allows users to transfer of funds P2P automatically using QR codes.

Spanish Bank Launches Mobile App Tapping QR Codes For P2P PaymentsThe service facilitates and calculates exact amounts, send messages or email reminders, facilitates sharing costs, sends notices for pending charges and payments, and allows automatic payments.

Transfi de la Caixa (@InfoCaixa) has already a version available for the iPhone and is expected to release an application for Android and other mobile operating systems.

When using Transfi, the user must enter the total amount of the account as well as the number of people who will be sharing expenses. He must also specify whether to transfer accurate costs or rounded upwards or downwards.

Transfi also facilitates mobile transfers by generating a QR code that can be sent to many people. Thereby, the payments are made instantly. This only requires both people creating the payment and the application itself.

The new app also offers alternative tools to facilitate fund transfers by sending a message or email with the amount to contribution and the account number. It completes its service by sending receipt and payment reminders that can be configured according to the user’s preference.

Key Stats

  • Bank in Spain with the most number of mobile users: 2.8 million
  • la Caixa has reached 4.7 million downloads of its 70 applications

Covered by my Visible Banking Team

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How can an app like la Caixa’s Transfi change their banking customers’ behaviour? Do you see QR codes play an important role in the uptake of mobile banking in Spain and the rest of the world?

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