Understanding the Sentoo QR code
QR codes date back to 1994. When scanned with the camera of a tablet or smartphone, the matrix barcodes take the user to a browser link. In 2020, the QR code (short for “Quick Response code”) regained prominence as the globe switched to a contactless way of life as a preventive measure against COVID-19. As consumers worldwide are shifting to mobile methods of payments, there’s no better time than the present for local business owners to make the shift to QR code payments.
First, these statistics about QR code usage show how important QR codes still are:
- In the UK and across Europe, 86.66% of smartphone owners scanned a QR code at least once over the last year, with 36.40% scanning a minimum of one QR code a week.
- The total number of QR code payment users globally is expected to reach $2.2 billion by 2025, equating to 29% of all mobile phone users worldwide.
- Global spending through QR code payments will reach $3.3 trillion in 2026.
In this blog, we will dive into what QR code payments are. How does it work? And everything else you should know about the Sentoo QR code. So, let’s start with QR code payments and how they work.
What are QR code payments?
A QR code payment is a contactless payment method where a payment is performed by scanning a QR code with a smartphone's camera. The code stores a large volume of data. The software on the smartphone decodes the patterns of the matrix and converts them into characters. Some payment providers store financial information in the QR code to send and receive money. Sentoo has opted to not store any financial data or information in the QR code. It only carries the Sentoo payment link to a secure page, thus making it much more secure. China was one of the first countries to embrace QR code payments as it enabled businesses to accept digital payments without investing in any payment hardware. Back in 2018, QR code payments already accounted for 83% of all payments in the country.
How they work
QR code payments give the payer and sender a quick and safe method to pay, transfer, and receive payments. The code can be scanned from both screen and paper. Nowadays, there are various ways in which a QR code can be processed.
Many retailers have adopted QR codes for receiving payments and are scanning them on their shopper’s phone screens instead of using bank cards for payments. In this setup, the QR code is often generated by the shopper’s banking app and contains the user’s card details. By scanning, the retailer completes the transaction to receive the funds. In other instances, the customer scans the unique QR code displayed by the merchant and taps to start the payment process.
The Sentoo QR code works differently in that the merchant generates the QR code and as such sends a payment request to customers. This way, the merchant remains in full control of the payment details and requirements, like an expiration date for example. All customers have to do is scan and approve the payment, without added manual input.
What are the benefits of payments with QR code?
Small to medium-sized businesses and enterprises across several industries offer QR codes to collect payments. From the ticket industry to retailers and service providers: there are many advantages of QR code payments, for merchants and consumers alike. Here are some of them:
- Instant payment
Making a payment via QR code is extremely quick compared to other ways of paying. The contactless payment method provides a quick, seamless, and in most cases, instant way to pay or receive funds anywhere, at any time.
- Easy payment
All a customer must do is scan the QR code and confirm to process the payment via their banking app. Customers don’t need to type the recipient’s account information, and conversely, the receiver is assured that the payment is sent to the correct account. Within a few seconds, a payment is made.
- Secure payment
Scanning QR codes to make a payment lets customers use their banking app, where their payment data is encrypted, ensuring extra security.
- Versatile payment
A QR code is an image that can be shared via print or screen. You can print them on invoices or tickets or digitally via email, text messages, or WhatsApp. To use the QR code for the payment, all the customer needs is a smartphone with a camera.
Are you ready to get started with Sentoo QR code payments?
Contrary to other QR code payment providers, Sentoo QR codes contain solely a secure link (URL) to a payment transaction. Payment information or financial data is never shared through the Sentoo QR code. Setting up a Sentoo QR code for a payment doesn’t take long. It is automatically generated when a merchant creates a new transaction in the Sentoo portal. Customers who are already familiar with QR codes will have no problem using the Sentoo QR code for their payments. Depending on your customer base, a short description on your invoice or visual instructions on your website will provide guidance to those less tech-savvy customers. It will help them to successfully scan the QR code for the first time and see how straightforward a Sentoo QR code payment is.
Do you want to offer Sentoo QR code payments to your customers? Don’t hesitate. Join the future of online payments today.