QR code payments enable consumers to pay for products or services by scanning a code on paper or a screen, which connects a person’s payment information with a processing tool.
Quick response (QR) codes are square-shaped barcodes that live either on paper or on-screen and link to relevant information. By scanning a QR code with a smartphone or tablet camera, a person can gain access to websites, images, authentication tools, or payment processing tools, among other things.
Most mainstream smartphones and many banking apps contain a built-in QR scanner, so consumers can quickly scan a code to purchase a product or service. For a business to be able to accept QR code payments, they need to partner with a service that accepts QR code payments.
QR code payments offer several benefits to businesses and consumers, including security and data encryption; simple, instant payment options; and cost-effective set-up and maintenance.
QR code payments also help connect digital and in-person commerce, giving consumers a quick, convenient way to pay.