Sometimes, markets either don’t see the need, or are not ready for a technical innovation. At other times, the stars align for the most unlikely of reasons. We’ve written before about how the QR code – which has been overlooked and unloved outside its regional, Asia-Pacific, birthplace – is enjoying something of a renaissance worldwide. Now it seems the global pandemic has triggered another surge.
However, the underlying reason for this re-emergence of QR technology (it stands for Quick Response) is not so much the desire in today’s new normal world for touch-free interaction - though that is undoubtedly significant - it is rather the sheer versatility of QR code transactions.
But don’t take our word for it, this month’s Wired magazine has refreshed its opinion of the QR code from marketing gimmick to everyday essential, highlighting its increasing use in the hospitality sector as a prime example. QR codes, it says, are being sellotaped to tables in pub gardens so that consumers can use their mobiles as personal food and drink menus. The trend is supported by evidence from mobile marketing company Egoditor, which says it has seen a 25x increase in sign-ups for its online QR code generator from restaurants, as well as a seven-fold increase from hotels.
But it’s not just in the hospitality sector that the QR code is proving its worth. In the UK, QR codes are being trialled as part of the track and trace system on the Isle of Wight; and companies are using codes as part of entry and exit systems as they cautiously re-open their premises to a limited number of socially distanced staff.
At their simplest, QR codes are a link between the physical world and online services and information. And in a physical world where consumers are becoming reluctant to touch high-contact surfaces, being able to access information, make a payment, or register an interest while holding only your own phone has become increasingly attractive. Especially as QR code interaction now only requires a smartphone camera, not a specially downloaded app.
Touch-free interaction has certainly risen as a result of the pandemic. Cashless payments are on the rise and the idea of ‘dirty money’ is now less about illegal funds and more about the shared handling of coins and banknotes. Indeed, you could say money laundering now involves cleansing solutions rather than shady bank accounts. One cashless payment processing company in South Africa says that one-third of its client retailers now refuse to accept actual cash - a three-fold rise in just three months.
Of course, all around the world, using a phone to make a contactless payment has become the norm in many retail outlets – and especially in the coffee shop. But the combination of the QR code, the smartphone, and payment technology is even more powerful – as well as being so much more secure.
Our patented Onescan solution uses specially generated, token-based QR codes to initiate transactions using only the camera on a smartphone. The interactions are completely secure, have no transaction limit, and don’t require your payment card details to be held within any central store.
Fingerprints, facial recognition, or passwords and pin numbers can all be used to authorise Onescan payments, adding further security to the transaction. And because the codes can be displayed on screens, or printed in stores, or shown on a payment terminal, our Onescan solution is truly omnichannel, capable of being both cashless in person, or of being triggered remotely online.
The versatility of the QR code and Onescan is also brought into sharp focus by the upcoming European PSD2 banking regulations imposing tighter controls and requiring Secure Customer Authentication (SCA) for transactions of more than €30. Onescan helps retailers and banks meet the new security rules quickly and efficiently as well as trade safely in a touch-free world.
Find out more here.