QR payment VS credit card/Cash payment

Updated: Feb 21

The digital medium has brought numerous benefits in terms of ease of payments and hassle-free transactions. Constant innovation in the financial sector has led to the emergence of numerous solutions that offer a convenient way of transferring money. Moreover, the rise in popularity and wide use of smartphones has made it easier for these solutions to become global without the need of creating a payment network across the globe like in the old days.


QR payment is one such innovative solution that has revolutionised the way transactions are made these days. There are not one but many advantages of using a QR payment system instead of using credit cards or cash. Curious about the functioning and the benefits of using QR codes? Here are a few benefits of using QR codes and how to use it.


1. Instant transactions: Compared to other modes of payment, QR is extremely quick. All it takes is for a user to simply turn on their camera or QR code scanner app, scan the code and the transaction is complete. This can help us save time during transactions and enable us to pay in a convenient way.


2. Contact-less payments: COVID-19 has impacted the way the whole world operates. It is crucial to take all necessary precautions, including avoiding all unnecessary contact. The use of cash and/or credit cards make this hard to implement. Fortunately, now we hold a simple solution to this problem. All you need is to use your Smartphone to scan a QR code and make your contactless payment. This drastically reduces the chances of transmission and ensures that you and your loved ones remain safe.


3. Precise transfers: Enter the precise amount that needs to be transferred using QR

payment and avoid unwanted blunders at the cash counters. The probability of error during a large cash transfer is high and it is better to use QR payment in such cases to be sure the exchange is fair.


4. Secure and safe: The actual QR code can’t be hacked because of its unique pattern. Any data which is transferred via QR codes is encrypted, thus making payments fool-proof secure. Before the transaction is processed, the customer can also check the authenticity of the transaction by checking that the name and details of the merchant match up.


5. Easy and sustainable: QR codes are a great way for merchants to accept payments without a card machine or other expensive setup, and the customer doesn’t even have to own a debit or credit card. It also reduces the probability of any kind of error, such as typing in the wrong bank account number or sending to the wrong recipient. All transactions are completed digitally, and an electronic receipt is generated avoiding excess paper waste. The solution is not only easy to use but is also environment friendly.

 

In conclusion, it is time to shift to the new way of payments and reap the benefits that come along with it. Looking at all the advantages, it should be a no brainer to adopt the QR payment. So, ditch your wallet and leverage the power of technology.