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
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 improved 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.
