Why QR Code Payment Gradually Gain Popularity across The World?

Burma planned to launch national standard QR code MMQR recently after Japan issued its unified QR code JPQR. As more and more countries issue policies to promote QR code payment development, it is expected to become one of the global popular payment methods.

Why QR code payment will gain more popularity during the epidemic? And how did QR code payment become popular step by step? If we want to know something about it, we should start with its development resistance and advantages.

To begin with, people should take it in mind that credit card payment will be badly impacted once QR code payment widely uses to a certain extent. This condition will further affect the interest of relevant banks, consortiums, and enterprises, which are the strong financial sources in the country. Without national policy support, merchants are unwilling to input much-sunk costs to promote QR code payment.

Importantly, If not capital and technology input to optimize consumer experience, consumers won’t easily change payment habits and accept new payment methods. Under such circumstances, it will be difficult to stimulate the market to further promote QR code payment development.

However, QR code payment has attracted people's attention due to its contactless, safe and convenient features affected by the epidemic. People gradually realize that QR code payment potential advantages will help the country, banks, and merchants gain more benefits.

It is reported that the popularity of QR code payment can accelerate cashless society progress. The cashless transactions can help banks improve business efficiency, cut costs, reduce the number of counter staffs and ATM machines. 

Furthermore, QR code payment can benefit banks to develop commercial business.

Treated QR code payment as a link, banks can use big data technology to deeply explore the business conditions and financing demand of small and medium-sized businesses. And then, they could provide comprehensive financial services such as credit financing, deposit financing, electronic banking, and payroll credit.

Benefiting from national policy support and UnionPay standard QR code promotion, the pain point of consumer payment experiences like micropayment and large payment can be solved while using QR code payment. 

It is convenient for customers to complete payment by scanning QR code or displaying QR code. For retail stores, convenience stores and other payment scenarios, it is conducive to cultivate consumers’ payment habits, improve their stickiness, and even reduce the burden to introduce franchise stores.

In order to better promote the development of QR code payment, Telpo has also launched a series of QR code payment products, covering QR code scanner, mobile handheld payment terminal, EFT-POS device, bus ticketing POS device and so on, which can fully satisfy whole consumption scene payment requirement.

With exquisite appearance, high-end configuration and super performance, Telpo QR code payment products are good for cultivating consumers' QR code payment habits, enhancing their payment stickiness and further stimulate secondary consumption.

Take QR code payment as an opportunity to connect online payment and offline payment scene, better promote cashless society progress and development.

Tag: QR Code payment, pos device, cashless society, JPQR, MMQR, bank commercial business, Union pay, credit card machine

Company Introduction: Telpo is solidly located in the smart terminal industry forefront as it sticks to technology-driven and market demand-oriented. With keen market insight, Telpo has developed smart payment, smart community, smart retail, smart restaurant, face recognition temperature measurement, government election, and other scene applications to build a "cloud + terminal" brand and complete solution. Based on the rich and successful ODM experiences, Telpo satisfies customers in both the technology and business field.

Related Products: TPS320, TPS508,TPS900