In the wake of the COVID-19 crisis, customers are actively using QR code payments. These Quick Response (QR) codes are adding another new cashless and most importantly contactless payment mode to the digital economy, something that is much needed during this outbreak of a pandemic.
When a QR code is scanned, the software on your smartphone decodes the horizontal and vertical patterns of the matrix and converts them into a useful form. QR codes can store a large volume of data and can be read even if a part of the code is damaged. One of the few benefits of scan and pay QR code is security, as the information being captured is encrypted.
Using QR codes creates a win-win situation for both merchants and customers. For merchants, QR codes can shorten the customer wait time at the point of sale and introduces a hassle-free, device-free mode of accepting contactless payments.
Pine Labs' Paper PoS is one good example of an all-in-one solution that is convenient, easy-to-use and allows merchants to accept multiple modes of payment like UPI and Bharat QR through a single merged QR displayed at the PoS. Paper PoS is low-cost and ensures completion of payments in a secure manner. Adding on to this, it is simple to install and offers a range of benefits to merchants.
How QR code payments can benefit your business
#1. Facilitates quick payments: Placing the QR code at the right place gives your customers the convenience of quick payments. This also speeds up the payment process and provides a seamless experience to the customer.
#2. Secure: Accepting QR codes payment can help you gain customer's confidence as the payment process is in their control and executed in a secure manner. The customer does not need to share any details with the merchant while making the payment. All that needs to be done is scan and pay.
#3. Supports multiple payment options: QR code payments, especially the one done through Pine Labs' Paper PoS enables acceptance of payment from multiple modes, thereby giving your customers the option to pay from their preferred payment mode.
#4. Easily accessible: QR code payment is low-cost and can help you reach your customers anytime and at any place. For example, a merchant dealing in daily essentials and providing the option of home delivery can carry the QR code with himself while visiting the customer's home. There is no special equipment required apart from a smartphone to complete the QR code payment.
With rising number of smartphone users and the vision of the incumbent government to make India a cashless economy, QR codes are certainly here to stay. Pine Labs' Paper PoS also complements your PoS machine as using a static QR code for your business gives you the opportunity to provide your customers with the quick scan and pay option for contactless payments.
If you'd like to know more about Paper PoS, please reach out to us and we will assist you.