EFTPOS announced to launch QR payment system in Australia as a trial. Thanks to the COVID-19 pandemic, that has made the Australian public familiar with the QR codes. Australians have been using the QR codes in every walk of life. Now, EFTPOS intends to launch a QR payment system that is considered more secure and instant.
EFTPOS is one of the largest payment providers in the country. Its electronic services include payments through sales points, credit, and debit cards. Now, EFTPOS is near to launch a QR network for the transaction of money. The latest payment system is considered to be low cost for merchants. The retailers can scan the QR codes generated by the sellers.
The news sources found that each code will carry unique information related to the transaction. The users of QR code payment can continue money transfer through running an app on the smartphone or relevant device.
In the past, the automotive industry used QR codes for manufacturing purposes and shipping. QR codes are used to help the administration to track the product instantly. Later on, QR codes began to track the original products and for marketing purposes.
QR codes could not get as popular as was expected in the early years. But QR codes experienced rapid growth and usage in China. Nearly every industry and commercial businesses in China use QR codes for miscellaneous purposes.
History of QR codes
A Japanese employee, Masahiro Hara, of Denso Wave invented the QR codes in 1994. Since then, QR codes have been persuading the masses to deliver payments for commercial and industrial purposes. QR codes are widely used for security purposes. Alipay, a Chinese company, introduced the QR code payment method, in 2011. The system works even offline. Alipay allows the offline collaborative stores to accept payment through a specific QR code of an individual. Payment is transferred to the Alipay wallet.
In 2014, a Chinese tech company, Tencent also launched a payment system through QR codes. Tencent introduced a QR payment system through its messaging app, WeChat. WeChat users can transfer money to the loved ones safely through the QR coding system.
In 2018, nearly 83 % of payments were recorded through QR code. QR coding system is common in the street life of China as vendors, transportation system, and professionals in China prefer the payments through QR codes.
What is a QR code?
Quick Response (QR) codes are two-dimensional codes. QR codes are comprised of black squares arranged within a square grid with white background. It would not be wrong to say it similar to the bar codes. The only difference is that it can store larger amounts of data as compared to the bar codes.
How does it work?
Bar codes can be scanned from paper only while QR codes can be scanned from the paper and screen as well. This feature has made the bar codes less common due to the frequent usage of smartphones. To scan a code you need to have a smartphone or any smart device with a camera and a bar code reader.
Additionally, numerous QR code scanning apps are also available in online app stores. The user has to switch on the device’s camera to the QR code. Subsequently, it will get identified and a push notification will be received. Tap to finish the process.
Why is the usage of QR codes getting common?
Why QR code payments are gaining popularity? Here are some of the reasons listed:
- High-Profile security
It offers hi-fi security to the transactions. QR code is not more than a tool to exchange certain types of information. QR code payments are less prone to burglary or any kind of scam. Any data or payment transferred through QR codes is encrypted and protected.
- Instant money transfer
Other modes of money transfer often get slowed down or sometimes banking systems or payment apps get stuck. QR code payments are quick and require no physical sale point or app.
QR code payments are user-friendly as it is very easy to use and set up this mode of payment. It does not require any device for payment or sale point increasing the trust and validity of the transactions.
- Reliable source
QR code is a reliable source for the payment transfer. It minimizes the threat of errors or any kind of unwanted intervention by the third source. Each QR code consists of a unique pattern of black boxes that enhance the reliability of any operation or transaction.
When and where QR codes facilitate the users?
QR code payments have gained popularity in the last few years. People worldwide are moving towards more secure and instant money transfer methods through QR codes. Here are a few usages of QR payments have been mentioned:
Numerous toll payment apps are available online. People can pay the toll taxes and payments in a few seconds only through toll payment apps. Many toll payment apps offer QR code payment methods also.
The users can have a booking of the tickets in advance through QR code payments. People can book tickets for buses, taxis, railways, and airplanes through the instant money transfer method of QR payment.
People associated with smaller businesses can transfer money quickly through this payment source. The vendors and retailers can generate receipts of the invoice as well.
- Cryptocurrency holders
Nowadays, Cryptocurrency has transferred its shift from other payment methods to QR payments. Scams and cons are getting common in digital currency and the owner of digital currency can have safe transactions through QR payments.
- Transport system
In China, buses, railways, taxis, and numerous other transport sources accept QR payments as well. In India, QR payments have been launched for traveling in metro transport.
The concluding statement is that the QR code payment system is reliable and secure. The countries where QR codes are used frequently for multiple purposes can easily get adapted to the QR payment quickly.