PayQwiq is a digital wallet developed by Tesco earlier in 2014. The app has been in trial since 2014, with deployment in 50 stores across the UK. By rolling out its software in London and Edinburgh, Tesco intents a serious implementation of its financial network for customers.
The integration of PayQwiq at the designated 500 store branches will allow customers to pay for groceries and items worth up to USD 330. If the payment application is executed and distributed successfully, Tesco will launch the PayQwiq app to its branches in Ireland, Plymouth, Cardiff, and Dundee, as a part of its nationwide rollout.
Tesco can save a substantial percentage of their store revenues by deploying their own financial network instead of relying on a third party application. If Tesco operates on a partnership with a bank or a financial services company, it will be required to pay nearly 3% of their sales as transaction fees, which are charged to both Tesco and its customers, according to Live Bitcoin News.
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