What is a QR code?

A QR Code is a two-dimensional barcode made up of black squares on a white background. Unlike a conventional UPC barcode, the QR Code can be read more quickly and can store around 100 times more data. In most cases today, a QR code can be scanned by a smartphone or tablet, and redirects to a web page. 

A little history

The "Quick Response Code" was created in 1994 by a Japanese automobile company: Denso Wave. Its goal was to find a system for better tracking spare parts in Toyota factories.

In its early days, the QR Code caused a sensation in the media, with predictions that it would soon "flood our daily lives". But consumers were not so enthusiastic.

However, in 2017 Apple enabled the iPhone camera to scan QR codes. Android followed, and QR codes suddenly became more accessible to ordinary consumers.

It wasn't until the Covid-19 pandemic that QR codes made their big comeback. With health regulations asking to limit contacts as much as possible to limit the spread of the virus, the QR Code proved to be a practical way of providing "remote" access to data.

Whether it's to scan a menu in a restaurant, an advertisement on the street or to make a purchase, the QR Code has gone viral! It's virtually impossible for a merchant today to do without one, and we're going to tell you why.

Simplicity and convenience 

QR code payment is simple and convenient for merchants and consumers. Merchants can accept card payments even if they don’t have a card reader. Customers simply scan the QR code to make a payment, eliminating the need to handle cash and then pay directly on their smartphone.

Fast

The QR code payment process is fast. Once the QR code is scanned, payment can be made in a matter of seconds. This can be particularly advantageous in retail environments where it's important to reduce queues and facilitate fast transactions. Nowadays most smartphones store their owners’ credit card information so customers can quickly fill in their payment information.

Security

QR code payment can offer an extra level of security. Payment information is generally encrypted when transmitted via the QR code, reducing the risk of fraud. In addition, using a mobile application to make the payment may require additional authentication, such as a password, fingerprint or facial recognition, reinforcing the security of the transaction.

Versatility

QR code payments can be used in a variety of contexts, whether in-store, online or between individuals. It is increasingly accepted by retailers, restaurants, service providers and even individuals for personal payments. We also give you the option to set a predifinned amount on the QR code (for example, to sell products) or you can also give the option to your customers to choose the amount they would like to pay (very convenient for tipping or donations, if they do not carry cash).

Cost reduction

QR code payments can reduce the costs associated with handling cash, such as cash handling costs and the risk of theft. It can also reduce the costs associated with managing credit and debit card payments.

Trackability

QR code payments can be easily tracked and recorded, making transaction management and record-keeping easier for businesses. All of your QR code transactions will be recorded on the TCB Pay App and Gateway.

TCB Pay’s QR code payments is a very practical way to get paid quickly and easily. Your customers can choose the amount they would like to pay, or you can set a specific amount associated to the QR code. Click on the video below and discover the Youtube Tutorial Video about QR Code Payments.
 

Any questions? 

Contact us at support@tcbpay.com or 866 444 8585. We look forward to hearing from you!

Sources: Beaconstac.com ; The New York Times ; Checkout.com