PayPal announced that it is launching payments with QR codes in 28 markets worldwide, including the USA, the UK, France, Hong Kong and Canada.
QR codes can be used by businesses when accepting payments and by consumers when shopping.
With the new QR code feature, available through the PayPal mobile app, merchants and consumers will be able to make their sales and purchases contactlessly, without handling cash or entering passwords.
According to research by product and design agency Foolproof, contactless payment and shopping options are thought likely to become one of the lasting legacies of Covid-19 for users who moved away from ATMs and payment points that require manual PIN entry during the pandemic.
QR code payment technology, whose importance and usage have increased significantly during the pandemic period we are in, is expected to be preferred by users because it requires no contact in transactions and because users make a payment by bringing their smartphone screens close to the screen of another phone showing a QR code and scanning the code on the screen.
“PayPal senior executive John Kunze said in a statement, “The rollout of QR codes for buyers and sellers not only offers the security, safety and convenience of using PayPal in person, but also takes into account the ongoing social distancing requirements, even as we begin to see some restrictions being lifted around the world.”
PayPal senior executive Lisa Scott said, “Covid-19 has changed the shopping experience in the UK as we know it. The need for security and convenience is there as always, but now we need to be able to sell and buy in a way that is fast, safe and involves limited social contact.”
Although a payment systems standard for QR code payments has not yet emerged, I believe it will gain serious acceptance because of its ease of use and because it can be integrated easily by firms that serve both developers and customers.
