New trend of payment for 2019, QR from your mobile

New trend of payment for 2019, QR from your mobile

Cash or card?

Most people in the United States pay with either of these two methods. However another form of payment is starting to make moves. That form is the QR code. Based on its expanding acceptance network, UnionPay International is expediting rolling out mobile payment services such as UnionPay mobile QuickPass and QR code payment to expand the usage channels of the "UnionPay" app. So far, about 80,000 POS terminals in the US accept UnionPay mobile QuickPass, and this figure is expected to grow to 250,000 within this year. There are also thousands of daily consumer merchants in Canada that have accepted UnionPay mobile QuickPass. After the launch of UnionPay QR code payment this time, users of the "UnionPay" app can conveniently scan and pay at the Foodymart stores in Toronto and Vancouver, as well as at restaurants such as Hai Di Lao Hot Pot in San Francisco.


What is a QR code payment?

The QR code is a method of payment without using cash or any sort of cards. It is essentially a barcode that stores data that businesses can use to accept payments.


How can you use it?

To use a QR payment the consumers scans the QR code displayed by the merchant with their phones to pay for their goods. They enter the amount they have to pay and finally submit.

 

Who is using it and where?

It is massively adopted all throughout Asia and especially China, where users are buying water or a banana with a simple QR code. Payments with QR are so popular that they represent a market of 16 trillion dollars, led by the giants of Alibaba and Tencent. According to a Penguin Intelligence study, in 2017, 92% of the inhabitants of the main Chinese cities already used WeChat Pay or AliPay as their main payment method.

As reported by the Chinese media 'South China Morning Post', the use of QR codes as a means of payment in the country has spread in such a way that it has changed habits of consumers, moreover, according to the consultancy Forrester Research, thanks to the proliferation of the use of these codes in physical establishments, the amount of mobile payments in the Asian continent is 50 times greater than in the United States, where in 2016, 112 billion dollars will be registered in transactions of this nature.


Conclusion

All these factors point to a new movement, the QR code. It is fast, cheap and easy to use. Businesses like it for the low costs and consumers like it for the simplicity. As businesses look for options to reduce costs and keep up with consumer demand the QR code is something every business should consider.

About

Sabor is a windows restaurant point of sale that helps restaurants increase sales through our easy to use POS and marketing services.

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