QR payments offer a simple and convenient way to make payments, particularly in regions where the use of bank cards is not yet widespread. They provide an alternative to cash, simplifying the payment process.
Using QR code payments, transactions can be easily made using just a mobile phone: simply scan the QR code through the camera of a specialized app or select its image from the phone’s gallery. This method allows for direct purchases from your account balance, similar to payments made through a bank card.
What is a QR Code?
A QR code is a two-dimensional barcode that is scanned using a mobile phone’s camera. For payments, a QR code contains data about the payment recipient, the amount, and the currency of the transaction, ensuring speed and convenience of the operation.
What Does QR Code Payment Entail and How Does It Work?
This method is a form of cashless payment serving as an alternative to traditional payments through bank cards or electronic wallets.
The QR code may include details about your bank account and specifics of the purchase. The seller presents the QR code in electronic form or on paper, and the buyer scans it using their phone’s camera through a banking app or a payment app. The purchase amount is automatically deducted from the buyer’s account and credited to the seller’s account within a few seconds.
Implementing QR code payment offers a number of advantages and conveniences, but it is not strictly mandatory for sellers. Each seller can choose the most suitable method of transactions with their clients.
Advantages of using QR codes for payments include:
- Cost-effectiveness. Accepting payments through QR code is cheaper than transactions using bank cards.
- Speed. Funds are transferred to the seller’s account a few seconds after the payment is confirmed by the buyer. The bank sends a notification of the fund’s credit, for example, as a push notification or SMS. Also, payment information instantly appears in the seller’s internet banking and mobile app. With card payments, money is credited to the account with a delay, usually within a day.
- Simplicity. Special equipment is not required to accept payments via QR. It’s enough to display the QR code generated by the payment system at the checkout.
- Comfort for clients. Customers do not need to carry a bank card or a smartphone with NFC for contactless payment. All that is required is a smartphone with a banking app or apps like Apple Pay, Google Pay, and a camera.
- Scanning a QR code takes seconds, which is significantly faster than making a transfer via account or card number.
Types of QR Codes
There are two types of QR codes for payments: static and dynamic, the key difference being that for a static code, the buyer manually enters the payment amount, whereas a dynamic code already includes this information:
- Static QR Code: This is a reusable code designed for multiple purchases at one sales location. It contains only the seller’s details, requiring the client to manually enter the purchase cost on their device.
Static QR codes are most suitable for small sales points with a limited flow of clients. Obtaining such a code from the bank, printing it, and placing it near the cash register is all that’s needed for its use. This code is useful for all sales but requires the seller to verify the entered amount. However, with a cash register system and instant account replenishment notifications in the banking app, this task is significantly simplified.
- Dynamic QR Code: This code is intended for one-time use, generated for each specific purchase and includes information about both the seller’s details and the payment amount. This saves time for both the buyer and the seller, eliminating the need to manually enter and verify the purchase cost. Large stores and commercial chains with high foot traffic prefer dynamic QR codes.
Setting up payments via dynamic QR code can be done in various ways, for example, through a specialized business app from your bank, allowing the generation of such codes. Depending on the store’s infrastructure and the bank’s offerings, payment terminals can be adapted for automatic generation of dynamic codes after scanning products. For online stores, there’s an option to integrate a dynamic QR code into the payment page, simplifying the payment process for the buyer.
The choice between static and dynamic QR codes does not affect the commission fee for processing payments, leaving entrepreneurs free to choose the most suitable option for their business.
