QR code payment
QR code payment is a contactless payment method where a payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at point of sale using a payment terminal. This avoids a lot of the infrastructure traditionally associated with electronic payments such as payment cards, payment networks, payment terminal and merchant accounts.
To use a QR code payment the consumers scans the QR code displayed by the merchant with their phones to pay for their goods. They enter the amount they have to pay and finally submit. This is a more secure card-not-present method than others.
In 2014, Chinese technology company Tencent introduced a new feature on its messaging app WeChat to allow its users to make payments. This was introduced via in-app online wallet and a QR Code payment system.Also, China is considered as one of the major countries using QR codes payment system. 
Line 1 of the Mumbai Metro in India allows users to purchase a ticket on their phones using QR code payments. Instead of swiping an RFID card or single-use token, a QR code is generated on the Paytm app which is then read by a scanner mounted on the turnstile. QR codes are also present in Uber, Ola cabs making it easy for passengers to make payments on the go. 
PhonePe, Google Pay and Paytm QR codes are present in retail stores as well making it easy for consumers to make purchases with a single scan. This cuts down on waiting times at checkout counters and users are incentivised with on-going offers.
Restaurants, bars and cafes
QR codes are making waves in the food industry as well. Tent cards and bills include QR codes making it simple for a customer to make payments paving the way for a cashless economy in China, India and other Asian countries that welcome QR codes. 
Notable service providers
- WeChat Pay
- Google Pay (Tez)
- Amazon Pay
Standards also exists to determine the content of the payment QR codes like the EPC QR code in Europe.
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- Team, The PhonePe (2019-02-23). "PhonePe goes live at over a million offline merchants in India". PhonePe. Retrieved 2019-06-03.
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- "Masterpass® QR: collect e-payment without POS terminal". mea.mastercard.com.
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