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To make a QR code payment, the consumer scans the QR code displayed by the merchant with their smartphone to pay for their goods. [3] They enter the amount they have to pay and finally submit. [ 3 ] This is a more secure card-not-present method than others.
There are several trial applications of QR code payments across the world. [44] [45] In developing countries including China, [46] [47] India [48] QR code payment is a very popular and convenient method of making payments. Since Alipay designed a QR code payment method in 2011, [49] mobile payment has been quickly adopted in China. As of 2018 ...
A user can create a QR code, by selecting the bank account and specifying the amount of the payment. A person can make a bank transfer by scanning the QR code, and selecting its bank account and approving the transaction.
The QR code is presented by the payee, in a static or one time generated fashion and it is scanned by the person executing the payment; Mobile self-checkout allows for one to scan a QR code or barcode of a product inside a brick-and-mortar establishment in order to purchase the product on the spot.
Later, it was generalized for many other usages, such as NFC payments or online payments. The format was created as an open effort from the very beginning and all specification, documentation, source codes, libraries and APIs were open sourced under the Apache 2.0 license. Therefore, Short Payment Descriptor can be implemented by any subject ...
In February 2013, the European Payments Council (EPC) published the document 'Quick Response Code: Guidelines to Enable Data Capture for the Initiation of a Credit Transfer'. [5] These guidelines were quickly adopted by the Austrian banks. These QR code can be recognised thanks to the words "Zahlen mit Code" (Pay with Code) on the right. [6]
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