QR code payments – What are they and
how do they work?
QR code payments allow merchants to receive payments from customers simply by scanning generated qr codes using a smartphone camera.
QR codes aka Quick Response codes are two-dimensional bar codes. They consist of a pattern of black squares arranged in a square grid on a white background. QR codes can be read with an imaging device such as a smartphone camera.
Merchants can now initiate a payment, qr code is generated and customer pays by scanning it with his phone to transfer funds. The QR code payments carry the purchase transaction information to the mobile device of the buyer/customer.
The QR code payments speed up the e-commerce payment experience and make it more secure. All a customer has to do is scan.
Traditionally, the mobile money process involves sending money to a merchant code or phone number. Qr code payments reverse this process and allows a merchant to set his price and all a customer/buyer has to do is scan the code to complete the payment.
This method of payment can be adopted in e.g restaurants, fuel stations, supermarkets etc. It basically works for high traffic payment points where speed is of essence and the merchant wants to be in control of the payment amount.
Easypay’s original model of paying for goods or services involved transferring money from one Easypay account to a merchant account. However, majority of the merchants did not like giving out their phone numbers or biller codes to customers due to fear of fraud or simply forgetting them.
QR code payments allow businesses to accept mobile payments without the need to invest in a point of sale terminal or any other hardware.
Companies don’t have to worry about what device the customer is using, any smartphone can read a QR code. The process of generating and scanning a qr code is all done within the Easypay app and is free.
On a downside, QR code payments rely on the phone camera which drains the battery of the phone. QR code payments also require a stable internet connection on your smart phone. You can solve these issues with dedicated qr code scanners that come with their own power sources and have internet data on your phone.
How to generate a QR code for payment (Merchant).
A payment code will be generated for a customer to scan using his or her Easypay app to transfer funds into the merchant account.
How to pay using qr code (Customer)
When a merchant shows you the above qr code. All you have to do is scan the QR code as shown below, confirm and voila! You just transfered the merchants required funds… no hassle!