How to Pay QR code technology

QR code technology

A unique but simple and secure technology based on QR code generating and subsequent reading. It allows you to make and accept payments and transfers, to issue and pay invoices, to exchange necessary information in seconds and to implement new engaging marketing mechanics. Integrate it into your mobile wallet and receive an advantage of all benefits included.

Allowances of using QR code

  • Payments Scan a QR code in a store and pay for goods and services
  • TransfersScan a QR code from your friend’s smartphone and send money transfer instantly
  • Invoicing Scan a QR code from your customer’s smartphone and instantly bill them directly from the screen
  • Check-in Submit your e-ticket QR code for scanning and enjoy your ride
  • Website login Scan the QR code to enter an online store and instantly log in to your account
  • Self-service in the sales areao Scan product bar-codes using your mobile wallet while in the supermarket's sales area and add items directly into the shopping cart on the screen of your smartphone.
  • Participation in promotions Scan the QR code from TV screen during the commercial and take part in the promotion
  • Exchanging information Share information with your customers or merchants by scanning QR codes

Types of QR codes

QR Code Technology - image 1 By possibility of re-use
  • Static (reusable)
    Can be scanned unlimited times
  • Dynamic (one-time)
    Can only be scanned once
QR Code Technology - image 2 By time
  • Unlimited in time
    Can be scanned at any time after generating
  • Limited in time
    Can be scanned only within a certain time after generating or within a particular time interval
QR Code Technology - image 3
QR Code Technology - image 4 By content
  • Invoice payable
    Contains information about a specific purchase (number of items and amount of purchase already specified)
  • Open account without specifying the amount
    Contains information about the product or service (the amount of purchase is specified additionally)
  • Open account without specifying the subject of purchase
    Contains information about the merchant (the subject of purchase is formed by the customer independently or transmitted to the customer’s screen by the merchant)

Benefits of QR code technology

Speed
Any transaction completed within few seconds (select, scan, and confirm)
Security
QR code is just an information exchange tool. Any data transfer is encrypted and protected properly
Availability
No infrastructure required, only a smartphone of any model with a camera and a QR code in electronic or printed form
Reliability
Obliterate probability of an error, QR contains a unique set of information
Universality
Investigate all of the features of this technology, it can bring your business even more benefits
Simple QR creation
M-Wallet platform by Wallet Factory will allow you to generate any QR codes to suit your business needs

Industry specific QR code payments use cases

1
Street vendor (one seller, minimal range of goods)
For every product, the vendor prints a separate QR code with the product description and its price. To purchase the product, you have to scan the QR code and confirm the payment
2
Micro-business (one vendor, small range of goods)
In their mobile app (QR POS), the merchant creates an invoice for a specific amount and displays the generated QR code on the smartphone screen. The customer scans the merchant’s QR code from their screen with mobile wallet and confirms the payment
3
Small and medium business (one or more vendors, the wide range of goods)
For every vendor, the merchant prints a separate QR code indicating the cash register location and details. To make a payment, the customer scans the vendor's QR code, the vendor sends a receipt from their cash register to the screen of the customer's smartphone, and the customer confirms the payment
4
Restaurant
The QR code is printed on the check, provided to the client. The client scans the QR code from the check and confirms the payment
5
Supermarkets and groceries
The client shows the cashier their mobile wallet QR code from the smartphone screen (this is the unique static code of each wallet). The cashier scans the QR code with an external scanner and sends a check to the screen of the customer’s smartphone, and the customer confirms the payment More details here
6
Petrol station
A separate QR code is printed out for each pump of each fuel station. The customer comes to a particular pump, asks for filling up of defined product and scans the QR code without leaving the car. On the wallet screen, the customer enters the exact volume (or purchase amount, or “full tank”) and confirms the payment. More details here