How QR Code Payments are revolutionizing the Way We Pay?

QR code use has been steadily increasing in Europe over the past few years, and this has been reflected in recent statistics and surveys. According to a recent survey, the use of QR codes for payment in Europe has grown by a staggering 25% over the last 12 months. This is a clear indication that QR code payment is now well established in Europe.

The survey also revealed that around 50% of businesses in Europe now accept QR code payments, and over 60% of consumers have used them at least once. This shows that QR code payment is becoming increasingly popular in Europe and that businesses are starting to recognize the convenience and security benefits of using QR codes.

Furthermore, the survey showed that the majority of European customers prefer to use QR codes for payments rather than traditional methods such as cash or debit cards. This is likely due to the fact that QR codes are more secure, as well as being faster and easier to use. The survey found that the majority of QR code payments are completed within 20 seconds or less, which is significantly faster than other payment methods.

This blog article will explore the benefits of QR code payments, the different QR code based payment methods and how they’ll revolutionize the way we pay.

Introduction to QR Code Payments

QR codes are two-dimensional barcodes that can store a variety of information, including website URLs, contact information, and even payments. QR code payments are a fast and secure payment method that allows customers to quickly and easily pay for goods and services. 

For businesses, QR code payments are beneficial because they are more secure than traditional payment methods and are easy to set up and use. Additionally, businesses can track payments more easily and offer customers discounts or loyalty programs.

For customers, QR code payments are faster and more secure. They also offer more flexibility, as customers can use their phones or other devices to scan the code and pay with their preferred payment method. They do not need to have their card or cash on them.

How do QR Code Payments Work?

• The customer scans the merchant’s QR code:

QR code payments are relatively simple to use. In this case, customers simply scan the QR code displayed by the merchant at the checkout with their mobile phone, and then confirm the payment. The payment is then securely processed and the customer receives a confirmation email or text. Watch the video to see how the customer scans the merchant’s QR code.

• The merchant scans the customer’s QR code:

For businesses, the process is even simpler. All they need to do is click on “scan” in their POS machine or Silkpay’s App to scan their client’s QR code. After the payment is completed, both the merchant and the customer receive a confirmation. Watch the video to see how the merchant scan customer’s QR code.

Popular QR Code Payment Solutions

There are many popular QR code payment solutions available today, each of which offers its own benefits. Here are some of the most popular solutions:

Alipay and WeChat Pay:

Alipay and WeChat Pay have revolutionized digital payments in China, with both payment methods experiencing unprecedented growth over recent years. Statistics and surveys provide invaluable insights into the usage and popularity of these two digital payment systems.

According to a survey by iResearch, Alipay and WeChat Pay account for a combined 96% of the mobile payments market in China. Alipay holds the highest market share at 54.7%, while WeChat Pay stands at 42%. 

This survey also revealed that Alipay and WeChat Pay are used by more than 1 billion consumers across China, and the number is expected to grow in the coming years.

Statistics from the Chinese government revealed that Alipay and WeChat Pay have been adopted by more than 100 million small and medium-sized enterprises (SMEs) in China given its low cost integration. This figure accounts for 78.7% of the total number of SMEs in the country. The survey also highlighted the fact that both payment methods are used by more than 80% of the retail market in China.

On a global scale, Alipay ranks first on the list of leading mobile payments platforms for the year 2022.

The increasing popularity of Alipay and WeChat Pay is evident from the statistics and surveys mentioned above. These payment methods have become a crucial part of the digital payments landscape in China as well as overseas. 

Alipay and WeChat Pay are a must for accepting payments from Chinese customers.

Discover more about Alipay Plus and how it allows merchants to accept the 8 major e-wallets in Asia-Pacific with 1 system.

UnionPay

UnionPay is a leading card payment provider in China, with a presence in over 170 countries and regions. It is a subsidiary of the China UnionPay Group, a state-owned enterprise. UnionPay is the fastest growing global payment network and the largest payment network in China, with more than 8 billion cards issued worldwide. According to statistics, in 2019, UnionPay cardholders made 8.2 billion transactions and processed over US$ 2.6 trillion in payments.

UnionPay cardholders have access to a range of services, such as online payments, QR code payment, money transfers, and international services. In addition, UnionPay offers attractive rewards and discounts to their customers. 

According to surveys, UnionPay has become the most preferred payment provider in China, with an estimated market share of more than 70%. In other countries outside of China, UnionPay is also gaining market share, with a growing customer base in Asia, Europe, and the United States.

In the past few years, UnionPay has been actively expanding its presence in international markets. It has entered into partnerships with more than 1,000 banks overseas, which has allowed UnionPay to offer its services to a much larger customer base. 

UnionPay payment methods are accepted in over 20 million locations worldwide, including more than one million ATMs. 

In 2017, UnionPay was the most popular payment network in countries such as Singapore, Malaysia and Thailand. This is mainly due to its low transaction fees, ease of use and high acceptance rate. It is also rapidly gaining acceptance in Europe, with several countries such as Germany, France and the UK now accepting UnionPay payments.

Furthermore, UnionPay has also made significant improvements to its services over the years, such as the launch of its mobile payment app, UnionPay QuickPass, which has allowed users to make payments with their phones by scanning QR codes.

Google Pay

Google Pay is a mobile payment and digital wallet service developed by Google to power in-app and tap-to-pay purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. It is estimated that as of 2021, Google Pay has over 100 million monthly active users with more than 3.5 million locations accepting payments with Google Pay. 

Google Pay’s market share has grown substantially since its launch in 2015. According to a survey conducted by Creditcards.com, Google Pay accounts for 27% of mobile payments, while Apple Pay holds a 25% share and Samsung Pay holds a 15% share. 

In terms of total volume, Google Pay leads the market with $150 billion in annual transactions, followed by Apple Pay with $120 billion and Samsung Pay with $90 billion. 

The latest statistics also show that Google Pay is especially popular in certain countries. For example, in India, Google Pay holds a 70% market share, compared to a 28% share for PhonePe and a 2% share for Paytm. Similarly, in Germany, Google Pay holds a 40% share, versus a 20% share for Apple Pay and a 10% share for Samsung Pay. 

Google Pay has also seen a surge in popularity among online shoppers. According to a survey conducted by Statista, Google Pay was the most used payment method among online shoppers in the United States in 2020, accounting for 21% of all online purchases. This was followed by debit cards (20%), Amazon Pay (16%), and Apple Pay (14%). 

Overall, Google Pay has become an increasingly popular payment method over the years, with impressive market share, high transaction volumes, and wide global acceptance. It is clear that Google Pay is here to stay, and its success is likely to continue in the years to come.

How to Accept QR Code Payments

To accept QR code payments in your store, you can create a business account at Silkpay. Choose the payment methods you want to integrate in your e-commerce or physical store, upload your documents and start accepting payments once your account is validated.

Bottom line: 

QR code payments are quickly becoming a popular payment method which use is only expected to increase over the years. They offer many benefits over traditional payment methods, including faster and more secure payments. They are also easy to set up and use, and businesses can track payments more easily. 

If you’re looking for a fast, secure, and convenient way to accept payments, QR code payments may be the best option for you. So don’t wait any longer and get started with accepting QR code payments today!

About the author: Silkpay

Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.

Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.

Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.