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Article Catalog：
How do QR code payments work?
Why QR code payment is gaining popular?
How to get started with QR code payment?
QR code payment is gaining popularity as increasing people embrace digital and contactless payment amid social distancing in the wake of the Covid-19 pandemic. Data show that nearly 760 million users accepted and used contactless payment in 2020 and the number continues to grow in the near future.
QR code payment serves as a versatile tool for delivering an excellent contactless payment experience. But do you really know what is the QR code payment, how does it work, is it safe and how to get started with it? Let’s learn some basic understanding together.
What is QR code payment?
According to Wikipedia definition, QR code payment means someone completes their transaction by scanning a QR code from a mobile app. It is a kind of contactless payment method, and an alternative to making an electronic transaction at the point of sale using a payment terminal. A lot of the mistakes caused by card payment can be avoided.
How do QR code payments work?
Scan and pay is the most vivid and accurate description of how the QR code payment work. To be specific, there are three methods that allow proceeding with QR code payment.
①Customer scans the business’s QR code.
Namely, open your phone camera, scan the code displayed at the counter of the store, confirm the price and finish the payment. The bill will be deducted via the associate account.
②Business scan a QR code on the customer’s phone screen.
Everyone has a unique QR payment code binding to his credit card. And the customer can take the initiative to present his QR code in front of the QR code scanner to complete the transaction.
③App-to-app payments.
That means, if customer and business both have the relevant apps, then the customer scans the merchant’s unique QR code displayed in the app. The customer can confirm the amount to pay and tap to process the payment.
Why QR code payment is gaining popularity?
In fact, QR code payments have already used in some countries including China, Japan, Korea, Thailand, etc. earlier before the pandemic. But it indeed gained momentum due to pandemics with its instant, contactless, safe, reliability and convenient features.
More secure
Making payment via a QR code makes transactions more secure as you need not share any confidential details like credit cards. All personal information is stored encrypted in the code. In addition, QR code payment can also avoid technical errors or device faults that might happen while using credit cards.
Faster Transaction Time
QR code payment should seem as one of the fastest way to make transactions as it takes seconds to complete the payment process. The faster transaction time is conducive to shortening queue time and promoting revenue increase.
Improve Customer Experience
Customer experience is the crucial factor to determine if your brand can grow and succeed. QR code payment, the popular contactless payment option makes hands-free checkout possible, provides a quick and easy checkout method and reduces the risk of virus transmission. It will undoubtedly help you get more customers’ loyalty, take the in-store shopping experience to a whole new level and generate more profit.
Promote cashless society process
Creating a cashless society is a common aspiration for the whole world. Governments are trying to formulate national standards for QR codes to encourage QR code payment usage, facilitate more efficient and secure payment transactions, further promote the cashless society process. And QR code payment is one of the great methods to replace cash usage.
How to get started with QR code payment?
Today, the trend of using QR codes in the retail, hospitality, bank, utilize, food, and beverage industries is gaining significant popularity. As a business, a mobile POS or contactless POS terminal that can scan QR codes is the fundamental device you should put at the store.
With the aiming to create a colorful future life, Telpo launched a new generation of mobile POS M1 recently. It adopts professional hard decoding and Telpo self-developed scanning technology, thus all types of barcodes can be quickly and accurately recognized in a short time.
Customers can take the initiative to show their payment code and merchants can use the contactless POS terminal to receive money. In addition, merchants can present the receive payment code and customers use their mobile phones to scan the QR code for payment. If you want to know more details, welcome to contact us.
Tag: QR code payment, contactless payment, mobile POS, contactless POS terminal
Brief Introduction: Founded in 1999, Telpo is a worldwide first-rate smart terminal and solution provider. It mainly provides EFT-POS, cash registers, biometric devices, facial recognition machines, self-service kiosks, and bus validators. Telpo has served more than 1000 customers abroad, including government, banks, Telecom operators, police stations, Retail shops, and offices. Telpo adheres to R&D and innovation, aiming to provide more intelligent hardware for global partners.
Related Products: mobile POS M1
