Over the last ten years, the QR Code has become a common and even everyday gesture, and has multiplied in many forms, including the ability to issue a Payment Request. Practical and adaptable to different situations, it has quickly been adopted by many mobile payment applications.
Mobile and contactless payment options
In these times of Covid, when direct contact is discouraged and gestures from a distance are de rigueur, the transfer of money is no exception to the rule.
Contactless payment methods, also known as Near-Field Communication (NFC), are the best alternatives to cash or credit card insertion.
Contactless
The contactless payment offered by banks has been around for several years and is already very popular in France, with more than 4.6 billion uses in 2020, and has continued to grow since its introduction.
Mobile payment
Still with the aim of making payments easier for users, it is also possible to make purchases with your smartphone by integrating your bank card. This other NFC payment solution, such as Apple Pay and Google Pay among others, makes it possible to pay with your smartphone without even taking your card out or carrying it with you.
The QR code
QR Code payment, the latest contactless payment method to be popularized by the health pass, is proving to be the most versatile means of payment. It simply generates a code to be scanned in person or sent to the customer. This technology also enables any company, SME or large group, to create a "contactless" payment system. Payment Request without necessarily having a payment terminal.
How to pay by QR Code?
In fact, a craftsman, an architect or even a store wishing to charge directly on the shelves, in order to reduce waiting times at the checkout, is able, thanks to the Fintectureis able to provide a link for scanning.
The merchant will simply have to fill in the amount and the reference of the order, then choose whether he wants to show the code in person or share the request by sending it to his customer. After scanning the QR code, the customer will be redirected to his bank interface where he will simply be asked to log in and validate the transaction. No bank data transfer between the two parties, no need for a special application for the scanner! The merchant will instantly receive a payment confirmation and can continue his activities without any worries, as the payment is irrevocable (it cannot be cancelled on the customer's side).
The prospects for development
Denso-Wave is the Japanese company that developed the Quick Response Code in 1994. It was initially a tool for tracking spare parts in Toyota factories. More powerful than the barcode, it can contain 300 times more information.
It was in 2002 that it went beyond use in the automotive industry to be more widely used by the Japanese. This is probably one of the reasons why the QR Code is much more present in Asia. China, in particular, has a high usage of the technology as a payment or commerce tool, mostly from companies like Alipay. Juniper Research estimates that these payment volumes will triple in the next five years globally.
Payment by QR Code in France
The flashcode
Since its introduction in France, the flashcode, as it was called, has fulfilled the basic function for which it was created, i.e. obtaining information about a good or a service. But little by little, services such as Lime were offered the code to charge for their services, in this case the rental of scooters.
Since its introduction in France, the flashcode, as it was called, has fulfilled the basic function for which it was created, i.e. obtaining information about a good or a service. But little by little, services such as Lime were offered the code to charge for their services, in this case the rental of scooters.
The future in France
In addition to the effects of the crisis as with the health pass, some restaurants have also already introduced technology to make it easier and more secure to pay for orders. Bars now offer to charge after choosing a drink, and bring it directly to the table after reading the code.
Secure data
Finally, one of the challenges of democratizing Quick Response is to ensure greater protection of privacy during transactions. One of the main benefits is to reduce the number of intermediaries between the payer and the receiver. By integrating its Payment Application solution into its ecosystem, Fintecture is exactly in line with the banking data security approach mentioned earlier. Moreover, the absence of intermediaries between the company and the customer also avoids any technical friction during payment, and above all considerably reduces transaction costs.
Benefits of use
Fast and Simple
Considered quick and simple, flashcodes are also a means of securing orders. As in the example of the restaurant owner, he can be sure of receiving his payment at the time of ordering, thus avoiding "restau-basket". Transaction reconciliation also makes the accountant's work much easier, as each payment is clearly identifiable. What's more, by using Fintecture as an option, payment is even irrevocable, and request statuses are visible in real time.
No cash or card required
Another benefit of the QR Code is the problems of paying for an order with cash. The new generation in particular tends not to carry cash around with them. If a merchant does not take a card below a certain amount, the customer is stuck. Generating a very low-cost code in a few seconds, which can be presented directly to the merchant, is a way to secure the order. It is also a way to make dematerialised tips.
What's more, where most companies require an application for both parties, Fintecture makes it possible to present a payment link that can be directly scanned by the customer, just like any other code.
Strong authentication and flexibility
Strong authentication secures purchases. By logging in and validating the transaction from their banking interface, the parties protect themselves against possible accusations of fraud. Finally, it is not necessary to have a website to collect payments, so the solution is suitable for everyone.
Examples of uses
Case studies
In these three case studies, discover different examples of the application of the Fintecture Payment Application and how it solved these companies' payment problems.
Flexibility, speed, ceiling bypassing, in B2B or B2C, the solution adapts to all payment situations since it also offers links or emails to be generated on the same principle.
- Instagrume : B2B - CHR
- Greenmotorshop : B2B, B2C - Automotive
- Bewak : B2B, B2C - Leisure
