QR Codes – Tested Tech Takes On New Meaning

There has been widespread adoption of contactless payments since the start of the coronavirus pandemic, as concerns over the cleanliness of point of sales systems or cash payments continue to rise. Shopping in physical stores has changed dramatically and shoppers around the world have had to adjust to social distancing measures and adapt to new norms. This shift in consumer behavior is particularly clear at checkout where consumers have physical contact with publicly shared devices.  

Last week, Paypal announced that CVS Pharmacy will be the first national retailer to integrate PayPal and Venmo QR code technology into its checkout experience across all of its 8,200 stores in the US. PayPal QR codes give shoppers the benefit of PayPal wallet, including the ability to pay using stored debit or credit cards, bank accounts, PayPal balance, or PayPal Credit. QR codes are inexpensive to create, convenient, and the only thing needed to access it is a phone with a camera.   

“PayPal and Venmo QR codes offer our customers a secure and touch-free way to complete their purchase with a payment brand they know and trust. This reflects our continued focus on innovation and finding new ways to help maintain the safety of our customers and employees.” said Jon Roberts, Executive Vice President and Chief Operating Officer of CVS Health. 

While contactless payments have already been adopted in many other countries, the coronavirus pandemic has accelerated the need for these solutions in the U.S.  

Using QR codes for payments is relatively new in the US, but they have become popular in countries like China after mobile payment platform Alipay introduced a system in 2011 that allowed offline stores to partner with them to accept real time, contactless payment. Other industries in China, such as public transportation, also use QR code payment services like WeChat to pay for fees. By the end of 2017, more than 65 percent of the population were using QR codes as a form of payment, according to the South China Morning Post.  

Last year, according to an Apple press release, Target, Taco Bell, Hy-Vee Supermarkets, Speedway convenience stores, and Jack in the Box were the latest merchants to support Apple Pay, one of the most popular mobile contactless payment systems that provides customers with an easy and secure way to pay in stores using their iPhone or Apple Watch.  

Accepting payments using QR codes is ideal for in-store purchases and it can be a great solution for just about any business that physically accepts payments from their customers, such as restaurants, bars, movers, and packaging services. It can also be great for service-based businesses such as babysitters, as it enables businesses to accept digital payments without investing in any hardware such as a point of sale terminal. 

Consumers expect the companies they engage with to move at the same speed. All retail companies should look for ways to adopt touch-free payment options to provide consumers with a quick and seamless checkout experience. Contactless payment offers consumers a safer, cleaner way to pay, speed at checkout, and more control over physical proximity.  

For years, it seemed that QR codes were limited to ads, packages, and posters – until they have been given life again and a whole new purpose. QR codes are rapidly re-emerging as businesses look for ways to accept payments while keeping their customers safe and happy.