Europe, forced to develop an alternative payment system based on QR codes. In Romania, three banks are already using it
More and more banks have implemented instant payment systems, but experts warn that it is not sufficient and that Europe will have to adopt an alternative payment solution such as QR code -based systems.
Europe must develop alternative payment systems. PHOTO ROPAY
According to them, the future of retail payments, the introduction of digital identity in EU countries and cyber security are the main challenges in the coming years.
In one of the discussion sessions that took place recently at the Money Motion 2025, Milan Gader, co-founder of Frēda stressed how much they decreased in pandemic and afterwards the cash payments and how quickly the payments have adopted payments, especially in developing countries such as India and Brazil.
“As a comparison, the Western countries took 50–60 years to reach a similar level of adoption. The key to success in the East is the QR codes. These countries jumped over the card payments and have directly adopted the payment by QR code, realizing in five years what the Western has succeeded in 50. he now”, Concluded Milan Gader.
Cards do not disappear, evolve
Regarding the payment methods, the conclusion of the specialists was clear: the cards do not disappear, but evolve. Krzysztof Sobal from Mastercard said that 80% of the company processed are now instant payments, a proof of the quick transformation of the market.
As for the behavior of consumers regarding digital payments, specialists have highlighted that unified solutions are needed, especially since cash payments have decreased considerably and will arrive very soon below 10% of the total.
“Consumer behavior is remarkably similar throughout Europe. Users do not want to install separate applications for each small service. Our data show that when they are provided a unified solution, which integrates multiple services, the use and involvement rate increases“Said Borko Buturac, director of operations within AirCash.
Digital identity and cyber security
A hot topic was also the digital identity, in the context in which by 2026 all EU citizens will be obliged to hold digital documents. Belgium is currently leading the implementation, but there are major challenges, especially in countries like Germany. Sebastian Theisen (Entrust) and Valentina Dragomir (Evrotrust) discussed the need for safe digital wallets, in accordance with legislation, but also accessible. Ingo Rübe (Kilt Protocol) warned the risks related to excessive supervision and Big Tech domination.
In view of the numerous changes in the field of payments, cyber security must be more priority than ever, explained the specialists, emphasizing the need for a “zero-trout” approach and of behavioral monitoring systems, adapted to the new threats generated by AI.
“All fraud and cyber intrusions usually start with a simple act of social engineering. We need to change our perception of security. We cannot rely on a single layer of protection. When it comes to identity, we often assume that if something looks and sounds like us, then it is about us. This mentality must be changed“Said Pavel Kaminsky, founder & CEO 7Security GmbH.
What banks do QR code use in Romania and how it works
In the autumn of last year, Transfond launched Ropay, the first national payments service with mobile, which uses technologies such as QR, Deep Link, Contactless or Mobile number as an alias for Iban.
The first participating banks were CEC Bank and Libra Internet Bank, later joining BRD, and Ing, BCR and Trasilvania Bank are also implementing.
The format of the QR Ropay code is defined in the QR code standard developed by the banking community in Romania, in accordance with the European standard in the field, of the European Payments Council.
In addition to the fact that the beneficiaries can use this code for Ropay payments at the sales points of traders (physical and online sales) or for payments transferred between friends, the code can also be found on the invoices issued by the utility providers.
The QR Ropay code must be scanned from the Mobile Banking application (not using the phone camera), so that the payer will view the details of the payment transaction, in order to authorize it. In other words, the QR code is used to access the data needed to make the payment directly from the bank account as easily as possible.
The QR Ropay code can be generated by the beneficiary in the Mobile Banking application of his bank (using the option generates QR code or requests money/ requests (for the instant payment method at POS).
If Logo Ropay is displayed at the point of sale of a small trader (QR Ropay Static Code), the payer scans the QR, completes the amount and pays.
At an online store, as in a physical one where Ropay is found as a payment method, the payer selects Ropay in the payment section and executes the payment from his Mobile Banking page, where the Ropay option is implemented.
