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Application of QR Code Payment

QR Code (quick response code)is a machine-readable matrix bar code first designed in the 90s but adopted widely until recent years. However, the use of QR code differs between regions.

QR code is generally used as a substitute of traditional bar code due to the greater storage capacity and is widely used for membership identification and order identification in most country. Typical examples are Tesco Clubcard and digital concert ticket.

In China, however, the most common use of QR code is the integration with the financial system. QR code payment leapfrogged contactless payment with the development of WeChat Pay and Alipay, which has taken up more than 90% of China mobile payment market. Insufficient infrastructure (POS terminal) could not support the development of the “tap and go” payment method as in other countries and large population and small-sized business accelerate the development of such technology. Transferring money and making payments by scanning QR code has become a new habit of Chinese people.

The huge success of QR code payment in China encourages traditional card payment to develop such technology. Union Pay, the major card scheme in China has launched QuickPay supports QR code payment to enter the mobile payment market. Both Visa and MasterCard are promoting QR code payment in the UK. It is expected that QR code payment could become the next most popular payment alternative in the world.

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