Quick response codes have transformed how we make payments. They provide a convenient, hassle-free, and secure means for daily transactions. We simply need to scan a QR code, which includes payment information, using a dedicated scanner to initiate a transaction.
However, many are still unsure how to pay with a QR code and how it essentially works. So, here are important things to know about such codes.
How do QR payments work?
QR codes are two-dimensional barcodes that store data. When it comes to payments, they usually hold information like the recipient's account details, transaction amount, and other relevant data. You only need a smartphone equipped with a QR code scanner or a dedicated app to make payments.
Advantages of paying through QR codes
- Convenience
The primary advantages of e-shopping through QR codes is the unmatched convenience you enjoy. It streamlines the payment process for both consumers and businesses. With a scan of a QR code, you can swiftly initiate transactions without the need for physical cash or cards. This ease of use is appealing in various settings, from small businesses to large retailers. It improves the customer experience by reducing checkout times and increasing efficiency.
- Cost-effectiveness
Implementing QR payment systems is considerably more affordable for businesses than traditional point-of-sale systems. QR codes can be generated and displayed without expensive hardware like card machines. Such affordability makes them an attractive option for smaller merchants and vendors.
- Enhanced security
QR payments often boast robust security measures. They generally use encryption and tokenisation. This ensures that sensitive payment information is securely transmitted. Furthermore, the dynamic nature of QR codes, especially in the case of dynamic QR codes, adds an extra layer of security as payment details are unique to each transaction.
- Rewards
You can enjoy online shopping benefits by making QR payments through a dedicated digital payment app. For example, some apps provide various cashback offers, discounts, and reward programmes for users who shop through the app using QR codes.
How to make QR payments?
To make QR payments, follow these steps:
- Open an app
Launch your mobile payment app on your smartphone. Choose the option to make a payment via QR code or scan.
- Scan the QR code
Use your phone's camera within the app to scan the merchant's QR code displayed at the point of sale.
- Enter payment amount (if required)
Some apps might prompt you to enter the payment amount, verify and confirm.
- Authenticate
Follow any authentication steps required by the app (e.g., PIN)
- Confirm payment
Review the details and confirm the transaction. Once your payment is processed, you receive a confirmation message or notification.
Conclusion
QR codes are poised to continue playing a significant role in the world of digital payments. Hence, knowing a few things about how they work is essential to enjoy convenience.