QR Code Payments. A New Black Or A Temporary Option?

The widespread popularity of QR code use is on the rise due to the increasing ubiquity of smartphones and the availability of high-speed internet. That is why we see it everywhere - on the restaurant tables, on advertising posters, and on some online stores' checkout steps.?

QR stands for Quick Response which is a machine-readable code made up of an array of black and white squares commonly used to store URLs or other data. One has to scan it with a smartphone's camera to use it. The QR isn't a novel concept. The technology first appeared in 1994, but it wasn't widely adopted until the mid-to-late-2000s when camera smartphones became mainstream.

In addition to being a direct link to any type of digitally published information, this technology is now also widely used for online payments. Such a method is well developed but still in its early stages of adoption – a condition that is undergoing rapid transformation as we move closer to a truly cashless future.

The usage of QR code payments has increased dramatically since the middle of 2020 when COVID-19 not only shut down vast swaths of the economy but also raised concerns about the risks of employing payment methods that require direct contact. Buyers started to shop online more, and the adoption of QR-triggered payments became intensive. The most significant surge happened between September 2020 and April 2021.

According to Statista, the worldwide use of QR code payments increased by 47,47% in just six months. In September 2020, only 35,53% of respondents had used such payment type, yet in April 2021, the number of people familiar with this technology changed to 83%.?

It happened as a result of a variety of reasons. The main one is that it makes online checkout more accessible - it decreases the actions required for the checkout execution. The other reason that leads to such popularity is the possibility of avoiding physical contact with any equipment other than the personal mobile device, which was crucial for the period of pandemics.

The benefits of QR use

There are many pluses of this technological method. But the main benefits of it being a part of the checkout options of your website or app are:

Instant payment

One of the most significant advantages is that it leads to a quicker payment. When compared to other payment methods, using QR is exceptionally fast. Launch the QR scanner, scan the code, check the payment information and confirm to complete the transaction. The scan-to-pay leads to the payment process, which is executed in a matter of seconds.

Straightforward setup

QR code payments are pretty simple to set up. You don't need a special infrastructure to get started. A smartphone with a camera and a QR code, which can be printed or scanned electronically, is all you need. Such a method also eliminates the requirement for a point of sale system or other payment-related equipment.

Increased efficiency

QR code payments are a risk-free technique since they eliminate the possibility of human error. The black box pattern contains unique data that increases the convenience, and it takes fewer actions for users to be able to pay.

Is the information under QR protected enough?

When the buyer is allowed to pay via QR code, it is pretty safe. Such a code is nothing more than a mechanism for exchanging information. It doesn't hold any sensitive data yet contains all the necessary information for the convenient payment execution, ensuring that the transfer to the payment page is completely secure. It is the processing software that protects users' sensitive information and encrypts the data, allowing buyers to pay without having to share personal information such as account numbers, etc.

Yet one should be cautious anyway when using this payment type with unacquainted merchants and thoroughly check the merchant before the transaction is made.?

Summary

The increased popularity of QR code payments, regardless of the reasons, is definitely an excellent ground to start using them. Furthermore, the technology itself doesn't require complicated integrations or additional broad technological input to implement such an option to the website or app. We see that those are only benefits this payment method brings to your store and clients.?

Provide even more flexibility and ease for your customers - consider implementing QR payments for your online shop because it will take just three steps to complete the purchase: select the product and go to the checkout, scan, and confirm.