QR code-based Payments is the eWallet Technology trend for 2021
Among all the applications of QR-Code eWallet , mobile payments is the one that has seen the most hype. When contactless payments are in high demand, mobile wallet developers need to integrate contactless technologies into their eWallets. While not all smartphones are NFC capable, QR codes are the most feasible option for contactless payments.
There are several use cases of QR codes eWallet. Here are some of them:
Two-factor authentication is said to be a conversion rate killer in the e-commerce sector. It has been seen that some online shoppers would instead abandon their shopping carts than spend a few minutes typing their card details. QR codes are the way to rescue online merchants from this issue.
While checking out, the buyer can choose their bank from a dropdown list, and the bank generates a QR code that appears on the user’s screen immediately. The user can scan this code using their digital wallet or mobile banking app and pay without any hassle. This way, the QR code-based payments won’t require users to type in their card details.
2. Gas Station Payments
To make payments easy and convenient for their customers, many gas stations worldwide have started accepting payments via QR-Code eWallet . It speeds up the customer checkout time, which results in improved customer satisfaction and shorter customer wait times.
3. Brick and Mortar Stores
Many retail outlets across the world have started accepting payments via mobile wallets. As every smartphone is equipped with an in-built camera, it is easy for eWallet service providers to integrate QR code scanning functionality into their apps. The QR code eWallet payments make the checkout process fast and convenient for the customers. Hence, more and more retailers are adopting QR code payments for their businesses.
4. Transit Payments
The use of QR code eWallet in the transit sector is widespread nowadays. If you’re planning to build an eWallet, you need to offer more than just the standard features to succeed. You can offer the merchants (transit company) QR codes that they can place on their vehicles and transport stations. The customers should be able to quickly scan the QR code using your eWallet app to make the payment.
Moreover, at places where NFC infrastructure is developed, the transit authorities should utilize NFC payments.
5. Toll Payments
Many toll booths have started accepting payments using QR-Code eWallet to facilitate faster and convenient toll payments. Some eWallet service providers have strayed away from QR codes, by instead providing RFID-based (Radio Frequency Identification) toll payment systems. For example, Paytm, a leading eWallet and digital banking service provider in India, have implemented RFID-based toll collection systems across India. The users would load money to their eWallets, which is automatically deducted for their toll payments.
6. Parking Payments
QR code payments can also be utilized for parking payment solutions. The parking payment solutions allow users to search and book parking spaces through a mobile app. Once the user has booked their parking space, they can simply scan the QR code presented on the garage to make the payment.