Over 4% of all online purchases in the world are conducted via QR codes1, and we are sure to see this figure grow in the upcoming years. Already by 2025, 29% percent of mobile users across countries are forecasted to be using this payment type, with the global transaction volume expected to reach $2.7 trillion2.
Such a demand for this technology drives its evolution and increases the variety of ways in which it is applied. In this overview, we will take a look at some of the modern experiences in the payment industry facilitated by QR codes and provide examples of how merchants implement them in their business operations.
There are different types of QR codes, and each of them proves to be useful in business and commerce. Below, you’ll find information on some interesting use cases of QR code variations:
1. Static QR Codes
The most common QR code type used for payment transactions is the static one. Such QR codes have an embedded URL with a fixed destination that can’t be updated. You will often see them used as a payment option offered by:
Apart from being implemented as a method of accepting payments, static QR codes can also be utilized for:
As you can see, there are plenty of ways to implement static QR codes in business and commerce. However, it’s crucial to remember that such QR codes are fairly easy for criminals to replace with fraudulent ones. If merchants choose to offer this payment option, they should continuously monitor it to ensure that their customers’ data and funds are safe.
2. Dynamic QR Codes
Just like their static counterparts, dynamic QR codes feature a link and take users to a page with certain information. However, what makes them "dynamic" is the fact that the link they contain redirects the customers to yet another URL that can be edited as many times as needed.
Some benefits of dynamic QR codes are:
Due to these advantages, these QR codes can be used as a convenient payment method in all types of merchant establishments. Apart from being an efficient and secure option to accept purchases at the counter, dynamic QR codes serve businesses in other ways, such as:
Dynamic QR codes are more advanced and secure compared to static ones and thus are preferable for commercial use.
3. Consumer-Presented QR Codes
Once a merchant scans a consumer-presented QR code, they can request a payment from the customer. The client then reviews the amount and approves the withdrawal of funds.
At the moment, this payment option is in fairly early stages of development, so there is a limited number of vendors who offer it. Some examples of merchants that deal with consumer-generated QR codes are:
PayPal’s “Show to Pay” is one of the most well-known tech solutions used to enable consumers to generate QR codes to conduct purchases.
All in all, it is an easy-to-integrate, simple, and secure option that diversifies the variety of payment methods for consumers and enhances their shopping experience.
As the popularity of QR codes continues to grow, more creative ways of implementing them in business and commerce are sure to arise in the foreseeable future. Thus, it’s important for both merchants and consumers to remain agile and adapt to these changes timely.
If you still haven’t introduced QR codes into your operations, we hope that the use cases and examples listed above have provided you with ideas on how to apply this technology, accept payments efficiently, and ensure top customer service.
1, 2 - Scanova - QR Code Statistics 2022: Up-To-Date Numbers On Global QR Code Usage