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QR Codes to Enable Mobile Payments for Consumers and Vendors
As QR codes became more mainstream, additional ways they could be used also emerged. One major way was the way in which QR codes could aid both consumers and vendors in financial transactions.
On the consumer side, it is wildly convenient to be able to make payments through QR codes your phone, especially keeping in mind the added security measure of the encryption process. Additionally, China’s consumer base was far less mature in banking and credit card transactions, therefore, there were much more nimble to making a switch. Suddenly the need for a credit card, cash, and even wallet infrastructure transitioned to obsoletion for many.
Not only were QR code payment convenient for the user, but they were also a great initiative for vendors to get behind. They promote instantaneous transactions, and they also took away the need for bulky infrastructure like cash registers and credit card scanners. While many vendors continued to have those offerings, many smaller stores and entrepreneurial efforts no longer needed to make investments in that space.
Now help yourself to a candy!
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