QR codes (short for Quick Response codes) are barcode-like images that store a variety of data, such as website links, contact information, visuals, or text. Made up of black squares arranged on a white background, QR codes can be scanned with a smartphone or other camera-equipped device, and are commonly used for information sharing, marketing, and even embedded payments.
QR codes are rapidly becoming a no-brainer in the omnichannel toolkit of taking digital payments. Their popularity is explosive, with usage of mobile QR code scanners expected to reach more than 100 million users in the U.S. by 2025.
In addition to these massive user numbers, the revenue potential from QR codes is also predicted to see immense growth. Global spending through QR code payments is predicted to reach more than $3 trillion USD by 2025 – and the global market size for QR code payments is projected to reach over $33 billion USD in 2030.
The QR code payment trend is more than just a phase – the numbers show us that they are here to stay and poised to become a dominant force in the expanding mobile commerce market. Here are 5 compelling reasons your business should be seriously considering integrating QR code payments into your digital transformation strategy:
1. Familiar technology creates happy customers
2. Boost productivity through ease of use and data insights
3. Create a secure and trusted payment journey that customers expect
4. Increase sales and improve collections
5. Unlock the combined power of digital payment wallets + QR codes
1. Familiar technology creates happy customers
Your customers are already familiar with QR code technology. They scan a QR code at a restaurant to view the menu, at a big box chain to get more information about a product on a shelf, and at a hotel to learn about what guest services are available to them. By offering consumers the ability to make mobile payments conveniently and seamlessly by scanning a QR code, you are creating effortless payment experiences that are both familiar and user-friendly. The simplicity of scanning a QR code quickly with a mobile phone not only reduces friction, it also improves the buying experience, and boosts overall customer satisfaction.
2. Boost productivity through ease of use and data insights
By configuring a QR code payment solution for your organization, both you and your customers will be able to reap the benefits of increased operational productivity. Your customers can make digital payments conveniently with their mobile phone or camera-enabled digital device without ever having to switch to a different application – empowering them to complete the QR code transaction swiftly in just 2 clicks.
With status updates in real time, customers can also receive immediate payment notifications and receipts within the digital conversation. Even after the QR code transaction is complete, your organization is able to view and analyze valuable data and insights on mobile payment behavior to identify trends, optimize your contact center payments processes, and make informed business decisions.
3. Create a secure and trusted payment journey that customers expect
In today’s rapidly-evolving digital world, customers expect their sensitive personal and payment data to be safe and protected whenever they interact with an organization. Payment security is a top concern for customers, thanks to the increased awareness of cyber security threats and the growing issue of identity theft. By implementing secure payment links, organizations can build trust in their brand and demonstrate their commitment to keeping customers and their sensitive personal data safe.
Enabling secure embedded payment links via QR codes also means that your entire organization is de-scoped from Payment Card Industry Data Security Standard (PCI DSS) compliance, since sensitive payment data never enters your contact center environment. Offering PCI DSS compliant payments through QR codes and other digital channels not only protects your customers, but also protects your organization from costly non-compliance fees or fines.
4. Increase sales and improve collections
QR code payments open up more sale opportunities that you cannot tap into as easily with other digital payment methods. It removes the need for your customers to switch to a separate payment channel to complete a transaction – resulting in reduced drop-offs in the payment journey, higher conversion rates, and increased sales.
Including QR codes on printed mailers or in emailed statements and bills empowers your customers to complete transactions effortlessly, without the need for human interaction. This seamless process makes QR code payments perfect for debt collection, utility bills, and parking or toll invoices.
Innovations like live commerce allows customers to buy products when they see them on screen during live digital or in-person events, simply by scanning a QR code. Enable your customers to self-serve with ease and purchase merchandise, food, and more at concerts, sporting events, conferences, expos, and other live events. Live commerce is gaining market traction fast and is expected to generate $55 billion USD in sales within the U.S. by 2026.
5. Unlock the combined power of digital payment wallets + QR codes
The convenience of scanning a QR code combined with the growing customer preference for digital wallets presents a significant opportunity for businesses looking to streamline omnichannel payments and increase revenue. Digital wallets such as Apple Pay, Google Pay, and PayPal are used for almost half of all global e-commerce payments, and the total value of digital wallets transactions is predicted to climb to $16 trillion USD in 2028.
Digital wallets also leverage advanced payment security features such as tokenization and biometrics for even safer, more secure transactions. By empowering your customers to pay by link with their digital wallet via QR code, you create a seamless and secure way for your customers to complete transactions in just 2 clicks.
Give your customers the power of choice with secure QR code payments
Sycurio.Digital secure payment links for QR codes can be deployed within hours, via our robust API or by using our plug-and-play payment link generator. Simply embed the link into your QR code infrastructure and add the QR code to your desired medium, either print or digital.
When a customer begins the payment journey after scanning a QR code, they’ll promptly be directed to your Sycurio payment capture page, where they can complete their mobile payment on their phone using a card, digital payment wallet, or instant bank transfer.
The customer then follows the link to your Sycurio payment capture page and enters their payment details. Sycurio then confirms the transaction has been completed and sends the confirmations.
QR codes are rapidly emerging as an immediate and efficient way to make frictionless and secure contact center payments. Embrace the omnichannel payments revolution that will transform your digital strategy - activate secure QR code payments with Sycurio today.
QR Code Payment Frequently Asked Questions:
What is a QR code payment?
A QR code payment is a type of contactless payment that uses a QR code to facilitate transactions. It allows customers to make payments by scanning a QR code with their smartphone or mobile device.
What are the Types of QR codes?
- Static QR Code: A static QR code is one where the data (such as a URL, text, or other information) is fixed at the time of creation and cannot be changed once generated.
- Dynamic QR Code: A dynamic QR code allows the data to be changed after the QR code has been created. The QR code contains a short URL or a redirection link, which can be edited to point to different content without altering the physical QR code.
- URL QR Code: This is the most common type of QR code, which links directly to a URL. When scanned, the QR code opens a website or a specific web page in the user's browser.
- vCard QR Code: A vCard QR code stores contact information, which can include details like name, phone number, email, address, and website. When scanned, it automatically adds the contact information to the user's address book.
- Wi-Fi QR Code: This type of QR code contains Wi-Fi credentials (SSID, password, and encryption type). Scanning this code will automatically connect the user to the Wi-Fi network without needing to manually enter the password.
- Payment QR Code: A QR code used for making payments, often used in mobile payment systems like PayPal, Google Pay, etc. This can either be a personal or business payment request.
- Text QR Code: This type of QR code contains plain text, which can be any message the creator chooses. When scanned, the user sees the message as plain text, and it is not a link to an external resource.
- Email QR Code: This QR code automatically opens the user's email client with a pre-filled recipient email address, subject, and body text.
- Location QR Code: This type of QR code encodes geographic coordinates (latitude and longitude) or a Google Maps link. Scanning it will show the user the location on a map.
- Social Media QR Code: A QR code that links directly to a social media profile, page, or post (such as Instagram, Twitter, or Facebook).
- Event QR Code: QR codes that encode event details such as date, time, and location. They may also link to ticketing or registration pages.
Each type of QR code serves a specific purpose, and selecting the right one depends on your goal or the type of information you want to share.
How do QR code payments work?
QR code payments are widely used because they are quick, easy, and secure. Customers don't need to carry physical cards or cash, and merchants don’t need to have special point-of-sale (POS) systems. Here’s how it typically works:
- Merchant generates a QR code: A business or merchant displays a unique QR code that contains their payment information (such as their account or payment link).
- Customer scans the code: This opens up a link to the payment page for a customer to enter in their preferred payment method.
- Enter payment details: The customer reviews the merchant’s details and amount to be paid, then fills in their payment information. The customer confirms the payment.
- Payment is processed: The transaction is completed digitally, and both the customer and merchant receive confirmation of the payment.
What To Consider When Choosing a Digital Payment Service Provider
When choosing a digital payment service provider, it's important to consider several factors that ensure security, efficiency, and seamless integration.
Payment channel flexibility: Make certain the provider offers secure payment solutions across multiple channels, including voice, email, SMS, chat, social media, eCommerce, and in-person transactions.
Security and compliance: Ensure your provider’s digital payment solutions are almost entirely free from the complexities of PCI DSS auditing and compliance, as the payment process is handled within their secure, regulatory-compliant infrastructure.
Ease of integration: a provider offering flexible, well-documented APIs can simplify integration with your existing systems and applications. Ensure the payment system integrates with your current infrastructure, such as eCommerce platforms, Electronic Health Record (EHR) systems, or other payment service providers.
Customer experience: The payment platform should be easy to use for both your customers and your team, and provide measurable efficiency benefits. It should allow for customization of payment workflows to match your branding and customer needs.
