QR code payments are short for Quick Response code payments because they allow users to access information almost right away. Like all things electronic, their usage grew by an impressive 11% in the pandemic’s wake. Although QR codes have only now made a comeback in North America, they’re already wildly popular in Asia.
With these facts in mind, let’s see what these contactless payments are all about.
QR Code Payments: At a Glance
QR codes are two-dimensional codes that can store over 7,000 characters. These barcodes store information on both the seller or service provider and the customer.
These little barcodes have the power to turn your smartphone into a mobile payment system. By scanning them with your phone camera, you can make instant payments right there and then.
QR Code Payments: Inner Workings
The QR code payment process is pretty simple. It only involves three steps.
Scan the code with your camera.
Click on the push notification to fill out your payment details.
Confirm the payment.
If you’re a repeat customer, the mobile payment system would probably remember you, meaning you won’t have to go through step 2 and can go straight to confirming your purchase.
QR Code Payments: Perks and More Perks
QR code payments have been around for the better part of three decades, but it took a global pandemic for them to gain traction. Here are the benefits that made them such an appealing prospect.
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Find the above features in a top mobile payment system like ScanPay and take payments from several digital wallets, including Apple Pay, PayPal, Google Pay, credit cards, debit cards, and bank transfers.
Download today, make the most of those cashless transactions and avail the same services at a 2.89% + 20 cents transaction fee, and nothing else.
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On average, small and medium businesses in the US spend 15 days and $6000 in labor costs to chase delayed payments EVERY YEAR. As of 2020, there were 3.7 million micro-businesses. That was 532,800,000 working hours down the drain. Surprising, isn’t it?
Small businesses have always been first hit by economic changes. The pandemic making maintaining cash flows for small business owners irregular is the most recent example. A report by JP Morgan Chase revealed that many businesses were affected primarily because consumers cut their spending.
Mobile POS systems have, by and large, replaced cash registers and manual bookkeeping. These innovations have reduced human error, oversight, and fraudulent activity for smaller businesses that previously lacked a proper payment gateway. And that’s not all these apps have done.