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A QR code payment is a mobile payment method where payment is performed by scanning a QR code from a mobile app. [1] This is an alternative to doing electronic funds transfer at point of sale using a payment terminal . [ 2 ]
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 ...
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]
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.
QR Codes with payment information (to be printed on invoices or displayed on the web) that can be scanned using either the mobile phone or a special automated teller machine (ATM) sending the payment information using the NFC technology; sharing the payment information via the web or e-mail (via a downloadable file or and e-mail attachment)
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