QR code payments: explore smartphone payments
It is highly probable that you have already encountered a little black and white square with a maze-like structure and thought that it is just another kind of barcode. Let’s look at what a QR code actually is.
What is a QR code?
QR is the abbreviation of “Quick Response”. QR codes were invented by Masahiro Hara in the 90s with the aim of finding a fast and simple payment method. QR code payments are mainly used in Asia.
Western countries are using QR codes primarily in marketing as a fast way to sign in to accounts. However, it is expected that QR code payments will become popular as an alternative to traditional credit or debit card payments. What are the advantages of QR codes?
QR code payment - an easy way to pay
It wasn’t that long ago when payments through QR codes required much more effort than now. Nowadays, almost every smartphone has the ability to scan a QR code with its built-in camera. The whole process of scanning a QR code and receiving a payment shouldn’t take longer than 30 seconds.
QR Code vs. Barcode
The most visible difference is in the design of the code but what else is different? QR codes were invented long after the barcode and therefore offer more advantages than a regular barcode.
- More data - a single QR code can contain up to 7089 numbers.
- Works with a smartphone - you don’t need a special scanner.
- Print-out paper/smartphone - QR codes can be scanned even if they’re printed in paper.
- Minor damage is fine - even if there is a little damage to the QR code you should still be able to scan it.
- Safety - QR code is safer since you can encrypt the information.
Asian example and QR code use worldwide
China is the only country that uses the QR code payments as the primary way of contactless payment. There are also other Asian countries where QR code payments have garnered some popularity in recent times, however, China still is at the forefront with these kinds of payments. People in China are using QR code payment to pay for a dinner, groceries or for a taxi.
You might be wondering why QR code payments became so popular in China. Well, companies like Alipay and WeChat started promoting QR code payments because they realized it is one of the most effective payments available that didn’t require a huge change in the process. After the major companies, small businesses followed and QR code payments gained popularity thanks to their effectiveness. Recently, there has been a wide-spread use of QR code payments in India and rest of the Eastern countries as well.
Fun fact: The department of Investigation in the Philippines uses QR codes to store personal information because the data is encrypted and can be easily stored.
Even though QR code payments are becoming more well-known, we don’t know whether they will be used as widely in Europe as they are in China now. After all, Western countries are used to card payments and it might be difficult for them to switch and start using QR codes to pay. However, it is worth checking the advantages of QR code payments because they might become essential for businesses.
Advantages of QR Code Payments
The best thing is that you don’t need to be a hi-tech expert to implement QR code payments into your business, and once you do it you won’t regret it.
QR code payment advantages for entrepreneurs:
- You only need a QR code
In order to be able to receive a QR code payment you don’t need any hardware or POS terminals. Once you post your QR code you can start accepting payments through the Trisbee app. Yes, it’s easy like that.
- QR codes are reliable
Since you will be accepting money through Trisbee you won’t need to worry about any technical difficulties that might occur when using POS terminals. On top of that, Trisbee guarantees money on your account in 24 hours after the purchase, including weekends.
- Accepted payment overview
Trisbee provides an overview of all of the contactless payments so you can check on it anytime you need.
Who benefits the most from QR code payments?
We have already stated that QR code payments have many advantages, but what businesses would benefit the most?
- entrepreneurs who are not happy with POS terminals
- fuel-oriented businesses
- event managers
- parking lot owners
- small and medium-sized enterprises
- and many more
QR code payment advantages for customers
QR code payments represent an easier way of payment even for the customers. Let’s look at the most important reasons why:
- Customers don’t need a wallet
Sometimes it happens that a customer forgets his/her wallet and doesn’t have a way to pay for the purchase. This can’t happen with QR code payments because the only thing the customer needs is their smartphone.
- It doesn’t waste time
QR code payments are immediate. You just scan the QR code and you save both your time and your customer’s.
- QR code payments safety
Your payment is safe thanks to the information being encrypted.
How to set up QR code payments for your business.
The whole process of setting up QR code payments is simple with our app. Download Trisbee and register. A QR code will be generated for you after you fill in your bank account information for receiving payments. The whole process shouldn’t take more than a couple minutes.
Once you have your QR code you can put it on your website or have it printed out at your store. Now you’re ready to start accepting payments with this new, fast and more reliable payment method. We’d say that using QR code payments is less complicated than buying a new POS terminal, don’t you think?
Our goal at Trisbee is to innovate payment methods which is why we’re offering this solution. Even though QR code payments are not yet that popular in Europe, we’re confident in thinking that this kind of payment will help modernize many businesses. After all, we’ve seen how well it works in China and Asia in general. If you’re still not sure, please read more about the benefits of QR code payments with Trisbee.