QR code payment

QR code payment is a contactless payment method here a payment is performed by scanning a QR code from a


mobile app.[1] This is an alternative to doing electronic funds transfer at point of sale using a payment terminal.[2] This avoids a lot of the infrastructure traditionally associated with electronic payments such as payment cards, payment networks, payment terminal and merchant accounts.

To use a QR code payment the consumers scans the QR code displayed by the merchant with their phones to pay for their goods.[3] They enter the amount they have to pay and finally submit.[3] This is a more secure card-not-present method than others.[3]

History

The first mobile wallet app for cryptocurrency Bitcoin featured sending and receiving payments with QR codes in 2012.[4]

In 2014, Chinese technology company Tencent introduced a new feature on its messaging app WeChat to allow it's users to make payments. This was introduced via in-app online wallet and a QR Code payment system.[5]

Notable service providers

Standards also exists to determine the content of the payment QR codes like the EPC_QR_code in Europe.

References

  1. ↑ "Scan to pay. How QR code payments work - Dignited". 11 January 2018.
  2. ↑ "China begins regulating QR code payments".
  3. 1 2 3 "How QR codes are changing e-commerce". 19 October 2017.
  4. ↑ Andreas Schildbach (August 6, 2012), Google Playstore: Bitcoin Wallet
  5. ↑ Derrick A Paulo (October 29, 2017). "WeChat phenomenon: How a messaging app helped spark China's cashless revolution".
  6. ↑ "Masterpass® QR: collect e-payment without POS terminal". mea.mastercard.com.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.