People around the world are expected to make 726 billion transactions using digital payment technologies by the year 2020, according to a study. The research found that emerging markets were leading the upward trend, and predicts technology innovations on mobile payments such as QR Code based mobile payments; Fingerprint/Iris Scan mobile payments in emerging markets will drive cashless transactions in the future. The smartphones are becoming cheaper by the day leading to an accelerated penetration in cost sensitive emerging economies. Compared to Card and NFC based payments, the QR Code and Biometrics scan eliminates the need for expensive POS terminals, NFC

readers and other such devices making mobile payments affordable event for the mom & pop small stores, individual professionals and all kinds of billers and merchants. A simple low cost smart phone is all that is required by merchants to accept mobile payments.