Imagine, you went shopping, you bought some great stuff & you are now waiting in a queue for your turn to check out. Your turn comes & you suddenly realize that you forgot your card at home or forgot the PIN! Now what? Does this thought bring nightmares to you? Well, you need not worry because the QR (Quick Response) code payment method has made life quite easier now. You just need to scan a code in your smartphone and the payment is done, bingo!
The pandemic has brought us into a situation where social distancing is the key to stay healthy. In times like these, it is very important to avoid contact and thus has accelerated the rise of digital payments everywhere. With the penetration of smartphones and super-speed internet connectivity, the Reserve Bank of India has started promoting the QR code payment method as they are increasingly being used to ease up mobile banking solutions at the point-of-sale, according to Financial Express.
By far, most of the Fortune 500 including Nike, Puma, Nestle, Emirates, and many more companies have already added QR codes to their marketing stack according to Beaconstac, 2019. The world has gotten habituated to many modes of contactless payments among which the QR code payments method has brought to you the most comforting experience.
Mindgate is one of the leading financial solution providers striving to make the user experience across consumers, corporates, and merchants easy and convenient.
How does Mindgate ease users’ experience with its offerings?
Mindgate QR Payments Overlay offers banks, corporates, and merchants an end-to-end payment solution using QR code that includes-
- 1) Scan and Pay using multiple payment options
- 2) Merchant initiated payment using Dynamic QR.
- 3) Contactless, safe and secure payment method for the end-user.
- 4) Real-time Payment processing.
Other benefits of our solution include:
- 1) Real-time payments:
Seamless integration for processing real-time payments through integration with real-time payment rails
- 2) Eliminates overhead expense:
Eliminates the overhead cost involved in implementing and managing a POS or mPOS terminal for payment acceptance.
- 3) Secured and safe payment method:
The QR codes encrypt the data and transfer it to the desired location securely. It also minimizes data loss and security breaches.
- 4) Easy to set up:
An extremely easy setup is required for the QR code payment. No overhead cost of infrastructure is required. It can also be printed on paper and can be used for scan and pay.
- 5) Multiple QR standards support:
Mindgate’s QR platform has been integrated to support multiple QR standards across geographies. The standards include Bharat QR/ UPI QR, PayNow QR (Singapore), SG QR, Ali Pay (Singapore and Hong Kong), WeChat Pay (Singapore and Hong Kong), Fast Payment System (Hong Kong)
The platform is built on an open-source technology framework with Micro Services and Cloud readiness and is optimized for high scale and volume.
Merchant initiated QR payment
As there is rapid innovation in digital payments space for retail-corporate/merchant (across various segments like e-commerce, bill payments, insurance payments) to ease their customer’s payment & bill collection experience. Merchant-initiated QR payments are prominently becoming part of the digital payment by providing contact-less & safe payment experiences and supporting various real-time payment rails in different geographies.
All in all, QR payments are here to stay and each geography is seen innovating use case scenarios with its widespread adoption.