8 min read

QR Codes: the Future of Mobile Payments

QR Codes: the Future of Mobile Payments
Published on
September 19, 2023

The mobile payments market is ready for a big shakeup. Mobile applications can now turn any smartphone into a virtual wallet by downloading an application that allows users to pay with their phone at local businesses. The technology, known as QR codes, has been around for years but has recently gained popularity as more people use smartphones and tablet computers.

QR codes, the long-awaited vector for mobile payments, may finally be getting their due. After five years of slow adoption and a lot of hype, the QR code is slowly gaining traction in all business areas. The mobile app payment gateway for businesses, such as ScanPay, Google Pay, and PayPal, can read QR codes and make mobile payments through them. These apps also have an added layer of security that makes it harder to steal your money while shopping online or at physical locations.

In this guide, we'll walk you through the future of mobile payments.

1. What are QR codes?

QR codes are 2-dimensional barcodes. They are square and usually have a black and white color. Some that contain color can also be found. They are created using a QR code generator or by simply typing the code manually. To have a QR code, one has to have a QR code reader installed in their cell phone.

A Toyota subsidiary created QR Codes or Quick Response Codes in its quest to develop a way of tracking vehicles in and out of their manufacturing plant. This is how QR Codes got their start in the business world.

2. The advantages of using QR codes for payments

What makes QR codes great is that they provide new opportunities for businesses, consumers, and marketers alike. Mobile integration has created some real opportunities for businesses, and marketers are taking notice.

As soon as someone scans one of your QR codes, you have the opportunity to capture their interest and get them involved in your business. When you create an interactive experience for people who scan your QR code, you increase their chances of becoming loyal customers.

3. How can a business use a QR code?

A business can place promotional codes on their products, website, or handouts so that when a customer scans the code using their mobile device, they'll be directed to a new page on your site or can instantly download an app.

4. Will QR codes replace cash as the number one payment method?

Some people see QR codes as the answer to a problem in the payments industry. Consumers have been confused about what payment methods to use for a long time now, and QR codes could end that confusion. That's because QR codes are cheap and easy to use.

An illustration of mobile payment service for businesses

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