What’s next for QR codes …

Thanks to Financial IT for publishing our article on what’s next for QR codes.

Readers diving into the article will gain insights into the impact and untapped potential of QR codes as they approach their 30th anniversary. Despite their inception three decades ago, they are experiencing a renaissance, especially in the wake of the pandemic.

Beyond their conventional use as links to webpages or apps, QR codes are evolving into powerful tools for purchasing goods, conducting transactions, combating counterfeiting, and enhancing customer experiences. From providing truly contactless payment experiences, bridging the gap between in-store and online shopping, turbocharging customer experiences, to combating counterfeiting and simplifying international transactions, they are reshaping various industries.

In particular, QR codes are becoming seamless and convenient payment methods, surpassing traditional cash and card transactions, especially in regions like Asia. They offer a 100% contactless payment experience, eliminating the need for shared surfaces and human touch, therefore aligning with the growing preference for contactless transactions.

Moreover, QR codes are turbocharging customer experiences by facilitating quick expansions for retailers, enhancing shopping experiences for time-constrained consumers, and driving loyalty programs. Their versatility extends to combating counterfeit products by providing unique identifiers linked to authenticity verification, bolstering trust and confidence in brands.

The potential for QR codes transcends borders, facilitating international transactions and bypassing traditional currency exchanges through integrated QR code payment systems. As seen in Southeast Asia, the seamless integration of QR code payment systems across multiple countries is simplifying payments for travellers and businesses, with future prospects of linking regional clusters globally.