QR Code Payments
Definition: QR code payments allow money transfers by scanning a QR code, either presented by the merchant (you scan to pay) or by the customer (merchant scans your code).
QR code payments are the dominant payment method in much of Asia (WeChat Pay, Alipay, UPI) and growing rapidly worldwide. There are two models: Merchant-Presented Mode (MPM) where the merchant displays a QR code and the customer scans to pay, and Consumer-Presented Mode (CPM) where the customer's app generates a QR code that the merchant scans. QR payments reduce hardware costs vs traditional card terminals.
Key points
- Two modes: merchant-presented and consumer-presented
- Dominant payment method in China, India, SE Asia
- Lower cost than card terminal hardware
- Works with PayPal, Venmo, Cash App, WeChat
- Standardized by EMVCo for interoperability
- Growing adoption in Western markets
Frequently asked questions
Are QR code payments safe?
Yes — QR payments go through the same security infrastructure as regular digital payments. The payment app handles encryption, authentication, and fraud detection.
How do merchants accept QR payments?
Print a QR code linked to your payment account (PayPal.me, Venmo, Square). Customers scan with their payment app. No hardware needed.
Are QR payments cheaper than card readers?
Significantly. QR payments eliminate the need for expensive card terminal hardware. Transaction fees vary by provider but are often comparable.
Related terms
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