Dynamic Verification refers to the online verification, at the time of the transaction, by the receiving participant of certain transaction-specific information such as the recipient's name/trade name, account number and amount in a payment transaction initiated using a dynamic QR code.
A dynamic QR code is a type of editable QR code, unlike a static QR code, which cannot be edited. Dynamic QR codes also allow additional features such as scan analytics, device-based redirection and access management. Dynamic QR codes also result in a less dense QR code image, which is more reliable to scan.
The benefit of dynamic verification
With dynamic verification, the paying party sees the recipient's name, account and amount, verified by the system, before confirming the transaction. This reduces the risk of payments made with fake or incorrect QR codes.
On the recipient's side, verification makes post-transaction matching and reconciliation easier. For this reason, the dynamic QR code is a more secure method for businesses selling online.
Users carefully checking the information they see on the screen increases the effectiveness of this mechanism.
