Paying for goods using a QR code in a store is not a novelty. This method has been popular In some countries for a long time. For example, almost everything can be paid for simply by scanning an image in China. It is a system of fast payments that provides payment through a QR code. Most users are familiar with another purpose of the digital solution, namely, the ability to quickly transfer costs from an account or e-wallet of one bank to an account of another bank.

It’s important to analyze how the process itself works to understand what it means to pay by a QR code. Transactions of payments are made using a graphic label – this is the generated code. Perhaps the image seems meaningless to you but it’s a graphic label in which information is encrypted. There is all the data inside the image that is necessary for the successful debiting of money and crediting it to the account of any organization.

How does a QR code payment work?

There are two options:

• Static. Such a code is generated only once, the seller places it electronically on the terminal screen or prints it out and puts it near the cash register. If we are talking about an online store, images can be added to the checkout page.
• Dynamic. This code is generated anew every time the buyer wants to make a payment. It is disposable, lasts for several minutes, and you need to have time to use it.

Payment via QR-code in the store, in fact, is available to absolutely everyone. You really do not need to carry plastic cards. It doesn’t matter if your mobile phone supports NFC technology. The main thing is a camera and wallet in the form of a mobile application. Making a payment using a QR code is the fastest way to pay because it only takes a few seconds. Everything is made without entering additional details and this not only significantly reduces the time of the operation but also prevents accidental errors that can occur when manually entering information.

By the way, Wallet Factory Company offers a decent software platform for the above-mentioned possibilities implementation. Visit https://walletfactory.com/en-sg/how-to-pay/qr-code-technology/ website to find out peculiarities of development processes, available services prices, white label solutions, and other information. Professional developers do their best to continuously evolve and work on apps and softwares to keep up with the digitized trends.

Advantages of QR payment for business

• Fast and easy connection.
• The business doesn’t lose customers who forgot to take a card or cash with them.
• It can be used for offline and online payments.
• The load on cashiers and terminals is reduced. Customers no longer need to wait for the terminal to be free, they can pay themselves through the code printed on the receipt.
• Money is credited to the account immediately and not the next day.
• There are savings on acquiring.

Moreover, all the procedures are legal.

QR payment benefits for consumers

• Replacing Google Pay and Apple Pay services.
• The technology is as simple and clear as possible.
• No need to buy an expensive NFC-enabled smartphone.
• It is convenient to pay online.
• You do not need to demonstrate your card data. Payments and refunds are instant.

I’ll tell you more, Wallet Factory does its best to take care of both the business and customer needs.