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 it's users to make payments. This was introduced via in-app online wallet and a QR Code 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.
Notable service providers
Standards also exists to determine the content of the payment QR codes like the EPC QR code in Europe.
- "Scan to pay. How QR code payments work - Dignited". 11 January 2018.
- "China begins regulating QR code payments".
- "How QR codes are changing e-commerce". 19 October 2017.
- Andreas Schildbach (August 6, 2012), Google Playstore: Bitcoin Wallet
- Derrick A Paulo (October 29, 2017). "WeChat phenomenon: How a messaging app helped spark China's cashless revolution".
- "Paytm introduces QR-based metro tickets for Mumbaikars". Business Today. 17 November 2017. Retrieved 17 November 2018.
- "Masterpass® QR: collect e-payment without POS terminal". mea.mastercard.com.
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