QR code has hugely popular as a mobile payment method in some countries, although they have not been widely used for payment in the U.S. Now there is a broadening industry focus on supporting and managing the use of QR code in payment service. The organization involved include payment industry group and payment services, the mobile app provides, bank, smartphone manufacturers, and major retailers. Let us check out benefits of QR code in payment.
How can the QR code be used to make payments?
Mobile shopping is on the rise and many retailers are looking for new ways to allow customers to use their cell phones to pay in-store. Yes, by the end of 2020, the number of people in the US making mobile payments in-store is expected to hit 150 million. One way of making mobile payments in-store is by using the QR codes. All you need is a mobile phone with a camera and a mobile app that can scan and store as well as share the QR codes.
Benefits of QR code in payment:
One of the best and biggest advantages of QR codes is that facilities for instant payment. Making payment via QR codes is extremely quick as compared to other modes of payment. User is simply open the QR code scan app, scan the QR code and confirm to the process the payment. Within a few seconds, the payment is made.
Fuel retailer payment
The fuel retailer uses QR codes to make payment easy for its users. There are fuel retail wallet solutions that allow the users to fuel their car by simply entering the amount of fuel in the application. These applications come with multiple modes of payment which also induces payment via QR codes scanning.
Toll booths payment
Toll booths can also use the QR code to facilitate quick and simple toll payments. Therefore toll payment wallet apps allow the user to make cashless toll payment. These apps include multiple cashless payment options that include QR code payments along with RFID and NFC.
E-ticket booking payment
QR code used for E-ticket booking also. The E-ticket booking application enables its users to book a ticket for the bus, flight, train, movies, amusement parks, zoo, and many more by just making a few clicks on their phone. These apps have multiple modes of payment and QR code payment is one of them.
Good payment method
Setting up a QR code payment is extremely easy. You don’t need much of an infrastructure. You only require a smartphone with a camera and the QR code which is either printed or in the electronic form. The usage of QR codes for payments also eliminates the requirement of point of sale machine or any other special equipment used for payments.
QR code is widely used by street vendors that have a minimal range of goods. They simply print a QR code for all their product that consists of its descriptions and price. To buy any product, the consumer is required to scan the QR code and confirm the payment.
QR code can be used as a mode of payment in a parking payment solution. A parking payment solution allows its user to search and book his parking space through a mobile application. Once the parking space is booked, the user can simply scan the QR code present at the parking garage to make the payment.
Microbusiness use payment
Microbusiness that has a small range of goods also uses QR codes for payments. Here the merchant produces both the invoice of a certain sum and the QR code. The ten display the QR code on the screen of the smartphone. To make the payment the customers scan the merchants generated QR code from their mobile wallet application.
QR code secure payment
Making the payment via use QR codes is very secure. It is because the QR code is nothing but just a tool that is used to exchange information. Any data which is transferred via QR codes is encrypted thus making the payment foolproof secure.