Did you know that you can use the best QR code generator to create a QR code for a cashless payment system?
One example is PayPal’s contactless payment with PayPal QR code, a new innovation for users’ convenience.
The digital payment giant has already put QR codes in use in 28 countries.
The primary objective of PayPal is to assist small and medium-sized enterprises (SMEs) in recovering from the financial challenges the pandemic caused.
It aims to add QR codes as one of the contactless payment options in the payment mix of small businesses like farmer markets and restaurants.
The app’s QR code makes transactions faster and easier since clients won’t have to search for the PayPal.Me link.
It’s also a mobile-friendly approach since smartphones can now scan QR codes.
Using the QR code system as a way to pay digitally, sellers can print out a QR code or show it on another screen for customers to scan with their PayPal app.
You can also use the same QR code to buy things in-store. The QR code is also free to make and never goes away.
Note, however, that your customers will need a PayPal account to pay you.
This is a good move for PayPal because, since the pandemic, touchless payments have become more popular and important.
When QR codes are used in financial technology, buyers and sellers can benefit.
Why do customers go for contactless payments?
1. Convenient payments
Customers prefer using QR codes because they no longer have to use their cards and enter their PINs into the payment terminal.
This makes it easy to buy things no matter where you are. For instance, if you are in a hurry, you can use your phone to scan the QR code and pay.
When you buy something online from home, you don’t have to copy and paste your account number and double-check the information every time.
Instead, you can save the QR code on your phone and use it to make the transaction go more smoothly.
After that, the receipt will be sent to you automatically after you pay. This is a safe and green way to do business.
When you pay with a QR code, you save time and save energy.
2. Secure transactions
Customers want cashless transactions that are safe as well. When you pay with a QR code, your personal data is safe from the eyes of counterfeiters.
Also, it is hard to change once a square matrix has been published. Financial institutions often use dynamic QR codes to let account holders change their information. This makes the account more secure.
Also, the information sent through QR codes, like information about a payment transaction, is encrypted.
3. Customer safety
The survey by PYMNTS and PayPal shows that customers now prefer touch-free payments because they give them peace of mind.
Customers have less physical contact when they use touchless payments. They spend less time in queues and at payment terminals.
With a quick scan on your smart device, you and your customers don’t have to touch cash or cards.
How QR codes help SMEs in their marketing strategies
1. Boosts sales
Small and medium-sized businesses (SMEs) having trouble with cash flow and local marketing campaigns can benefit from the contactless QR code payments built into their scan-and-pay experiences.
Using QR codes for payments would get people back into their stores.
2. Establishes customer trust
Every business cares about how customers act, so it’s important to know what they like and how they pay.
The QR code payment system is fast and gives customers a great experience from start to finish.
Small businesses can keep their doors open and more customers would like this new idea.
Most customers have smartphones, which makes it easier for them to use the QR code payment system, leading to QR codes being part of their daily lives.
So, a digital payment system brings in new customers who care about health, but it also keeps customers coming back.
3. Provides access to transaction records
When QR code-backed payments are part of a payment mix, sellers can easily keep track of the transactions.
Business owners can also lookup past transactions and data trails through the QR code payment system.
Conclusion
QR codes are now making it possible for banks and businesses to keep customers and make more money, even during the pandemic.
Digital payment methods that don’t require touching, like QR codes, have become the norm.
So, use the benefits of QR codes to make things easier and safer for your customers.
Use dynamic QR codes to ensure your information is secure and update everything behind your QR codes, like URLs.
Create dynamic QR codes for payments with the best QR code generator today.