If you’ve gone shopping recently and found that they only accept cashless QR codes payments, you’re probably not alone stated Bahaa Abdul Hussein. In a lot of nations around the world, QR code payments are not just used additionally to conventional payment modes but solely. The boom in QR code payments is largely owing to the proliferation of digital wallets like Google Pay, PayPal, Venmo, PayNow and Paytm. It has made possible seamless transactions where someone can send or receive money instantly by merely scanning the QR code of the sender or the receiver. Cross border payments are also starting to become popular this way.
Mobile payment apps or e-wallets rose to prominence during the pandemic when the global population at home turned to e-commerce. As a result, digital wallets became mainstream. By 2024, 60 per cent of global smartphone users are projected to be using at least one mobile payment method. QR code payments are now unanimously favored over cash and credit card payments for a number of reasons.
Touch-free payments
QR payments don’t involve the hassles of swiping cards, signing bills or collecting change. Their edge over existing methods of payment remains unchallenged.
Instantaneous transfers
QR codes have made real time transactions possible and also saved a lot of time in the process. This means we will be seeing shorter waiting lines everywhere.
Digital history
Our digital financial footprint can easily be viewed by checking our transaction history on e-wallets whenever we want.
Convenience of use
The effortlessness of QR payments has paved a new chapter in fintech history and many developing nations are making the jump to e-wallets.
Accessibility
The advent of smartphones has made mobile payment apps very user-friendly to consumers. Some digital wallet apps are even in-built on our phones and only require set up to use it.
Cost-effectiveness
One needs to spend almost nothing to set up QR codes and conduct transactions. This is in contrast to investing in credit card machines or carrying a large amount of cash on your person.
Potential risks associated with QR codes
Even though the rise of mobile payment apps has simplified and redefined the way we conduct transactions in the modern world, it also has some cons. Lately there has been a rise in fraud and theft centering on the misuse of QR codes. Governments around the world are warning the public to not scan any QR codes without confirming it is authentic. Cyber criminals target naive consumers and create fake QR codes that redirect users to a fake website and loot their money. One must always remain vigilant and take appropriate measures while using QR code payments.
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