As technology continues to advance, payment methods have also evolved. Gone are the days when people carry cash or even credit cards all the time. Now, QR and tap pay are leading the way in revolutionizing payment methods.
QR codes have been around for over two decades but it was not until recently that it became widely used for payments. QR codes are two-dimensional barcodes that can be scanned using a smartphone camera. It can contain information such as website links, contact information, and payment details.
Many businesses, especially in Asia, have already adopted QR code payments. In fact, QR code payments account for more than 80% of mobile payments in China. The popularity of QR code payments is due to its convenience and accessibility. All the customer needs to do is open their mobile payment app, scan the QR code, and the payment is processed instantly.
Tap pay, on the other hand, uses near field communication (NFC) technology to enable contactless payments. It works by simply tapping or waving the smartphone or smartwatch near the payment terminal to complete the transaction. This method is gaining popularity in Europe and North America, where contactless payment is already widely used.
Tap pay is not only convenient but also secure. It uses encryption technology to protect the customer’s payment information, making it difficult for fraudsters to intercept the data.
The rise of QR and tap pay has also paved the way for digital wallets. Digital wallets are mobile payment apps that store the customer’s payment information and allow them to make payments without the need for physical cash or cards. They can also be used to store loyalty cards, coupons, and even boarding passes.
Digital wallets also provide added security features such as biometric authentication, such as fingerprint or face recognition, and two-factor authentication to ensure that only the authorized user can access their payment information.
Overall, QR and tap pay, as well as digital wallets, are revolutionizing payment methods by making transactions more convenient, accessible, and secure. As more businesses and consumers adopt these technologies, we can expect to see a significant shift towards a cashless society in the future.