What is QR Code Payment?

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Accepted Answer

A QR Code Payment is a contactless payment method where a customer uses a mobile device to scan a Quick Response (QR) code displayed by a merchant to initiate and complete a financial transaction, securely transferring funds without the need for physical cards or cash. This system leverages the two-dimensional barcode to instantly transmit payment details, facilitating rapid and low-cost transactions, particularly in emerging markets and for small businesses.

QR Code Payment

What is QR Code Payment?

What are the primary types of QR Code Payments and how do they differ in merchant and consumer use cases?

How has the global adoption of QR Code Payments evolved, and what are the key market drivers and statistics?

Why are QR Code Payments considered a critical tool for financial inclusion and "the last mile" adoption of faster payments?

What are the main security risks associated with QR Code Payments, and how can users and businesses mitigate threats like "Quishing" and fraudulent codes?

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