QR Codes have been here for many years and are extensively used in marketing and inventory management. Now, businesses and financial institutions across the world are putting the square-shaped codes to another use – facilitating mobile payments at the Point of Sale. Restaurants in the UK, fast-food joints in the US, convenience stores in Korea, merchants in South Africa and media organizations in China have all adopted the QR Code to accept mobile payments for purchases made by consumers.
1. Alibaba is allowing readers to shop via newspapers in China
Earlier this year, Chinese e-commerce giant Alibaba launched a merchant platform that integrates QR Codes into the Alibaba Group family of e-commerce websites. The company’s merchants can now add a QR Code to the product, allowing consumers to easily make purchases using a smartphone.
The company also partnered with media organizations to add QR Codes to product advertisements, allowing readers to make purchases via one of Alibaba’s online shopping sites such as Taobao.
2. Restaurants in the UK and the US are using QR Code mobile payment services
Restaurants in the UK are signing up with Zapper, a mobile application that allows diners to make bill payments by scanning QR Codes using the Zapper application. Using this mode of payment, diners do not have to wait for the servers to bring the card machine and the restaurant is able to turn more tables.
Chick-Fil-A, the Atlanta-based fast food chain, is testing a mobile payment application in 20 locations in North Carolina. The customers are initially required to download an app, register an account, and load funds. To make a payment, a QR Code is generated on their screens which can be scanned at the restaurant or at the drive-thru to complete the transaction.
According to Payments Source, McDonald’s, Burger King and Wendy’s are among the many restaurant chains developing and deploying mobile payment systems.
3. Australia-based Suncorp Bank allows bank transactions via QR Codes
Suncorp Bank introduced a new feature, QuickShare, to its mobile banking application that allows customers to share bank account details via SMS and QR Codes. The QR Code is generated on a payment request and the transaction is completed when the payee, also a Suncorp customer, scans the code.
Suncorp Bank preferred the QR Code as the mode of payment over NFC as it is more widely accepted, particularly across devices.
4. In Korea, make bill payments 24/7 at convenience stores
Duzon BizOn, service provider of the u-billing service, is allowing customers to pay monthly bills for the country’s four major social insurance schemes including health insurance, national pension, employment insurance, and workers’ compensation at convenience stores using the QR Code. The service is available in some 22,000 locations of the five convenience store chains in Korea including CU, GS25, 7Eleven, Buy The Way and Mini Stop.