What is QR Code Payment?

QR Code Payment is a mobile payment method where transactions are initiated by scanning a QR code using a smartphone. These codes, short for Quick Response codes, store payment-related information in a machine-readable format, enabling fast and secure contactless payments.

There are two main approaches:

• Merchant-presented QR codes: The merchant displays a QR code containing payment details. Customers scan it, enter the amount, and confirm the transaction through their mobile wallet or app.
• Customer-presented QR codes: The customer generates a QR code from their payment app, which the merchant scans to process the payment.

This method eliminates the need for traditional infrastructure like payment terminals or cards, offering advantages such as simplicity, speed, and reduced costs for businesses