QR codes in Payments Industry
Barcodes is something we are used to seeing in many places of our everyday life: from grocery stores to supermarkets, plain tickets – you name it. But recently another type of code has become more and more usual thanks to mobile revolution. QR code, which is abbreviated from Quick Response code, is a two-dimensional bar code, consisting of a pattern of black squares on a white background. It can be simply read with a common device such as a smartphone camera and even though it can have many different uses, one of the most popular ways to use it is to make payments using a mobile device. Learn more about QR code mobile payments!
How do QR code payments work?
QR codes can seriously speed up the processes in payments industry and make them more secure. It is actually thought to revolutionise the payment experience around the globe in no time. Juniper Research predicts that the use of QR codes for electronic payments will surge more than 300% over the next five years. QR codes have much bigger capacity compared to the traditional bar codes; therefore, they can be used to store a wider variety of information, including links to web pages or specific information that identifies people or products.
Benefits of using QR codes in mobile payments
One of the main reasons why QR codes can so perfectly facilitate mobile payments is the security they bring to the industry. While using QR code customer’s card information never leaves their own device, therefore there is nothing to be stolen by the hackers. The web is no longer the platform where the payment takes place, everything actually happens on your own device.
Apart from security, it brings a lot of convenience, as it does not require any special equipment. You do not need to look for a special device to work with your solution, QR codes can be easily scanned using a camera of your mobile phone. It’s also extremely quick – there’s absolutely no need to make any manual entries, QR code will provide all the necessary information instantly.
The future of QR codes in payments
QR codes are a really promising trend today and they will definitely become extremely important in the payment area in the near future. If you’re thinking it’s time to come onboard and start using an exciting, easy and convenient way to handle your payments, get in touch with SatchelPay now.
Also read about the rise of mobile banking apps in the enterprise.