What is QR Code Payment
QR Code Payment(quick response code) is a machine-readable matrix bar code first designed in the 90s but adopted widely until recent years. However, the use of QR codes differs between regions.
QR code is generally used as a substitute for traditional bar code due to the greater storage capacity and is widely used for membership identification and order identification in most countries. Typical examples are Tesco Clubcard and digital concert tickets.
How popular is this payment?
In China, however, the most common use of QR codes is the integration with the financial system. QR code payment leapfrogged contactless payment with the development of WeChat Pay and Alipay, which has taken up more than 90% of China’s mobile payment market. Insufficient infrastructure (POS terminal) could not support the development of the “tap and go” payment method as in other countries and large populations and small-sized businesses accelerate the development of such technology. Transferring money and making payments by scanning QR codes has become a new habit of Chinese people.
The huge success of this payment in China encourages traditional card payment to develop such technology. Union Pay, the major card scheme in China has launched QuickPay supports it to enter the mobile payment market. Both Visa and MasterCard are promoting QR code payments in the UK. It is expected that QR code payment could become the next most popular payment alternative in the world.
Open QR Code Payment in the UK
GlobePay provides cross-border payment solutions for British companies, helping British merchants overcome the problem of GBP settlement for RMB payments.
Whether it’s a British university charging RMB tuition fees, or a British milk tea shop and Asian supermarket hoping to accept Alipay and WeChat Pay, GlobePay can provide you with comprehensive support.
GlobePay is the industry’s leading cross-border payment service provider. It holds a payment license certified by the British Financial Regulatory Authority (FCA) and is an official partner of WeChat, Alipay, and many banks. It provides professional RMB cross-border services to UK-registered companies.
