What is QR code and what is it for: part 2

In this article we will tell you about the latesr trends of QR-codes using. And these are contactless payments. They are gradually adopted by us from the Middle Kingdom.

In China this method of paying for purchases over the past three years has almost sent cash into the past. This happened at such a pace that even now the lack of a mobile payment application and a local card tied to it can cause inconvenience to an ordinary tourist in China with cashless payments.

How is it working?

Payment can proceed in two ways. Special application scans product’s QR-code, then customer should confirm payment.

No need in any additional equipment for such kind of purchase.

Otherwise the cashier scans the 4-story code generated by the customer’s mobile application. After that the buyer will see a message about the transaction, which he should confirm.

The market of contactless payments by QR codes is growing rapidly. According to analysts from iResearch, the total amount of QR transactions in China for 2019 will be 296 trillion yuan, which is equivalent to 47 trillion American dollars. WeChat and Alipay have become well-established leaders for such payments in the Middle Kingdom.

What is possible to do with QR-paying?:

– pay for products at any marketplace;

– buy clothes;

– pay for utilities;

– rent a bicycle;

– pay a bill at the restaurant, leave tips;

– and even give alms.

Why shopping via QR-codes is convenient and gaining popularity around the world?

Firstly, this payment method is available for all smartphones with the presence of a camera. The same payment through NFC and Apple Pay is available to a minority of mobile devices, restricting its widespread use. QR-paying does not require any additional equipment, just QR-code. Therefore, non-cash payments can be made even in the absence of a terminal. You can make purchases in a distance without entering credit card data by simply scanning QR code.