How QR code payment system is giving more power to the Fintech industry?

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In the wake of COVID-19 pandemic, people are avoiding to step out of their homes to save themselves from the harmful impact of this deadly virus. But this pandemic has taught us some good things as well. And one such thing is the usage of QR code payment or digital wallet app development. QR code was there even before the pandemic, but the need for avoiding direct contact has drastically increased its importance. 

This increased demand and development of QR technology has shaken up the FinTech world. With the penetration of smartphones and super-speed internet connectivity, QR code payments become trending as they are increasingly being used to ease mobile payments.

Customers got accustomed to multiple contactless payment modes, among which the QR code payments method is considered more comfortable. That is why most of the companies have already added QR codes to their payment operations, while many others are thinking of doing so.

If you are also having a payment startup or you are looking to establish one, then you should think of integrating QR payments. And for this, you need to develop a top-notch QR code payment solution. But before you start with your development, you need to know how a QR code payment system can help you grow your business.

In this blog, we will show you the advantages of the QR code payment system that are playing an essential role in changing the FinTech arena.

6 benefits of QR code payment system for FinTech companies

COVID-19 pandemic has adversely affected the global economy. Many small and medium-sized businesses have benefited from the spread of digital payment systems based on QR codes. Contrary to linear barcodes that a laser barcode scanner from paper can only read, QR codes can be scanned from both paper and screens. That is the reason why you see QR codes in online stores and apps.

Qr code payment

Smartphones can scan QR codes right from the camera app. Just open the camera and point it towards the QR code, which will immediately recognize it and open a push notification requiring you to tap it to finish the relevant operation. Apart from this, a QR code payment solution offers several other benefits which are as follows:

1. Easy to set up

Setting up a QR code solution is very easy. You neither need to purchase heavy equipment nor costly terminals. All you need is just a smartphone and QR code based price tags that can be printed easily with a regular printer. 

2. Faster payments

With a QR payment solution, you can offer faster payment to customers. Users can effortlessly make payments only by opening the QR code payment app, scan the QR code, and confirm to process the payment. And the payment will be done within a few seconds.

3. Enhances footfall conversions

Scan & Go payment solution makes customer’s lives easier by enabling them to purchase any item by scanning a QR code on the spot. This ease and speed can eventually increase the footfall conversions. Even a customer can complete his transaction in the blink of an eye with its smartphone’s camera and an installed banking application.

4. Assured reliability

Today you cannot trust anyone blindly, whether it may be a customer or your own staff. Your own employee could misuse the details of a credit card. On the other hand, a customer can also use fake currency to make payments.

But with QR codes, customers don’t get scared of getting their credit card credentials stolen. In addition, you can’t get paid with fake notes thanks to the digital payments.

5. Save costs

With an advanced QR payment solution, you do not need to invest into gigantic POS machines. A QR payment solution will auto-generate a new QR code at the time of payment. Thus, accepting payments will become easier, cheaper and faster for you.

Along with this, your operational costs will get significantly reduced as no transaction cost is involved in going cashless with a QR based payment solution. 

6. Better marketing

An inbound marketing campaign is that it is easy to determine the number of sales generated through QR codes. Offline media like billboard or print do not let the marketers to measure effectiveness. You can estimate the sale revenue based on leads and clicks by using the QR codes.

You can also facilitate QR codes for your customers that can directly redirect them to your website. This will save the time of your customers as they do not have to spend much time browsing the website and navigating through it. Furthermore, you can redirect your customers to your business’ social media page.

Conclusion

QR code payment systems continue to be an excellent way for merchants to accept payments without a card machine or other expensive setup, and the customer doesn’t even have to own a payment card.

Aside from saving time and energy, it also allows you to measure your marketing campaign and provide data you need. So, you should set up the proper metrics such as location, time, and frequency to ensure the success of your promotional campaigns.

I hope this blog has provided you with the usability of the QR code payment system in the FinTech business. If you still have any doubts in your mind about the QR payments solution, then you can connect with us at any time.

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