Big Issue, a magazine sold by the homeless throughout the UK, is collaborating with open banking provider fumopay to pilot a QR code-based payment system for its vendors.
Participating Big Issue sellers can accept instant payments from customers by simply displaying a QR code, eliminating the need for WiFi or card readers. This pilot is part of Big Issue’s broader strategy to ensure that vendors are equipped for an increasingly cashless society, where cash transactions now account for only 12% of all payments.
For several years, the social enterprise has partnered with giffgaff, providing vendors with options to accept cashless payments through devices and refurbished phones.
Catherine Parsons, Managing Director of Big Issue, explained, “Introducing innovative payment solutions like fumopay, along with this support, adds another tool to the vendors’ toolkit, giving them more control and security when selling the magazine.”
A London-based vendor stated, “I receive payments instantly with fumopay, unlike card readers that can take days. With less cash on the streets, fumopay helps me sell more magazines and prevents me from losing customers.”