What is QR Payment? A New Payment Option for the Digital Age.
QR Payment is a convenient and secure payment option that works via QR codes and PromptPay. It helps businesses reduce cash usage and increases the speed of payment acceptance.
QR Payment is a new payment alternative that meets the needs of a digital lifestyle, reducing the need to carry cash. It makes financial transactions more convenient, fast, and secure, whether for scanning to pay for goods, transferring money, or receiving funds. It is a true push towards a cashless society. Today, we will explore the QR Payment system in more detail and discuss the benefits your business can gain from implementing it.
Table of Contents
• What is QR Payment and How Does It Work?
• How is QR Payment Important for Businesses Today?
• Types of QR Payment Usage Suitable for Businesses
• Which Businesses Need QR Payment?
• Advantages of Accepting Payments with QR Payment
• Precautions for Using QR Payment That Business Owners Shouldn't Overlook
• KGP Offers QR Payment Services for Convenient Payments Through All Channels
• QR Payment: A Tool to Increase Business Convenience
What is QR Payment and How Does It Work?
QR Payment is an online payment system that uses a QR (Quick Response) Code as a medium for financial transactions. Payers can scan the QR Code via their bank's application or various E-Wallets on their smartphones to transfer money directly to the recipient's account without needing cash or a credit card. The QR Payment system has become very popular in many countries, including Thailand, where it is widely used with support from the government and various financial institutions.
How is QR Payment Important for Businesses Today?
QR Payment is a payment system designed to make transactions convenient, fast, and secure. It is supported by banks and government agencies in many countries, including Thailand, which promotes the use of QR Codes as a digital era payment channel. It reduces the hassle of managing cash, lessens reliance on credit or debit cards, and allows businesses to accept contactless payments, which meets the behavior of modern consumers.
Additionally, using a QR Code system allows businesses to track and record payment information accurately and transparently. This leads to more systematic financial management and reduces errors from calculating change.
Types of QR Payment Usage Suitable for Businesses
QR Payment can be used according to the convenience and nature of the business. It can be divided into 2 main approaches:
By Account Type
QR Payments categorized by account type include both business and personal accounts:
• Business Account Suitable for stores or businesses with a high volume of transactions. Users must register to link their bank account or E-Wallet with the QR Code payment system. This type of account allows for accurate and secure tracking, checking, and management of transactions.
• Personal Account Suitable for small transactions or informal payments, such as individuals accepting payments for goods or services on a non-regular basis.
By QR Code Type
QR Codes used for payment can be further divided into 2 main types: Static QR Code and Dynamic QR Code, which have different functionalities and uses:
• Type 1: Static QR Code This is a QR code that is created once and its information cannot be changed. It is suitable for small shops or individual sellers who do not need to change the amount for each transaction. The advantage of a Static QR Payment is that it is easy to use and does not require updating information every time. However, its limitation is that it is not suitable for businesses that need to specify a specific payment amount for each transaction.
• Type 2: Dynamic QR Code This is a QR Code that is generated new for each transaction or payment. The system can specify details such as the amount or specific information for that payment. The advantage is the flexibility of use that can support various and secure payments, but it comes at a higher usage cost than Static QR Codes because it relies on a more complex back-end system.
Which Businesses Need QR Payment?
The use of QR Payment has become an important tool for financial transactions for modern businesses. With its convenience, security, and support for cashless transactions, this system is suitable for various types of businesses:
• Online Businesses Suitable for E-Commerce stores that want to add a convenient and secure payment channel for both domestic and international customers.
• General Retail Stores Suitable for stores with various types of products that want to simplify the payment process for customers to pay more conveniently.
• Restaurants Whether inside or outside shopping malls, QR Payment helps customers pay for their meals quickly without needing cash or a credit card.
• Service Businesses Such as hotels, spas, or clinics that need a convenient, fast payment system that creates a good impression on customers.
• Transportation Businesses Suitable for shipping or parcel delivery companies that want customers to be able to pay for services immediately.
• Coffee Shops and Beverage Stores Businesses that require a fast payment system to reduce queue times and increase service efficiency.
Advantages of Accepting Payments with QR Payment
The QR Payment system has several advantages that help elevate business transactions to be more convenient and secure, especially in an era where online transactions have become a part of daily life:
• Convenient, Secure, and Contactless Customers experience a fast payment process by simply scanning a QR Code, eliminating the hassle of carrying cash or credit cards. This reduces the risk of loss or direct contact.
• Meets Customers' Digital Lifestyle In an era where consumers are familiar with Mobile Banking and E-Wallets, having QR Payment support will help your business reach a large group of customers who prefer the convenience of mobile transactions.
• Accurate Transaction Tracking and Management The QR Payment system helps record payment information systematically, making it easy to track and verify transactions, reducing calculation errors, and helping manage accounts efficiently.
• Increases Service Speed Customers can pay immediately, reducing queue times and increasing the overall service speed of the business, whether it's a retail store, restaurant, or other services.
Precautions for Using QR Payment That Business Owners Shouldn't Overlook
Although accepting payments via QR Payment is a convenient, fast, and secure method in the digital age, business owners should understand the precautions to prevent risks that may arise from using this system.
• Beware of Fake QR Codes from Scammers Being deceived by fake payment QR Codes from scammers who may create a fake QR Code linked to their own account and place it over the store's QR Code. If a customer scans and transfers money, the money will be transferred to the scammer's account. Therefore, stores should regularly check their QR Codes and only use QR Code generation services from trusted providers.
• Fraud through Incorrect Account Transfers In some cases, scams can occur through the QR PromptPay system where a scammer pretends to transfer money to the wrong account and then contacts the store to ask for a refund. This could be a trick to involve the store in an illegal transaction. If such an incident occurs, you should contact the bank directly and report it to the police immediately to proceed with the correct steps.
KGP Offers QR Payment Services for Convenient Payments Through All Channels
KGP is an online payment service that supports various payment channels, whether it's QR Payment, Mobile Banking, or credit/debit cards, to meet all business needs in the digital age, with many outstanding advantages:
• Accept Payments via QR Code Customers can scan to pay via QR Code Payment through their mobile banking application, regardless of the bank, helping businesses receive money easily and quickly.
• Confidence in Security With international standard security systems and real-time payment amount confirmation, it reduces the risk of forged slips and unauthorized data access, allowing both buyers and sellers to transact with confidence at every step.
• Supports Fund Transfers via Bank Applications Customers can conveniently transfer money via Mobile Banking without any fees, helping to increase sales opportunities.
• Accepts Credit/Debit Cards KGP also supports payments via credit and debit cards from leading global brands such as Visa, Mastercard, JCB, AMEX, UnionPay, or TPN, offering convenience to customers with cost-effective fees for businesses.
• Easy to Close Sales, Fast to Use With a system designed for ease of use, it helps stores close sales with customers quickly, increasing customer service efficiency.
QR Payment: A Tool to Increase Business Convenience
Choosing a QR Payment system is an excellent option for businesses. Currently, there are QR Code Payment services from various providers, allowing businesses to choose the most suitable payment service in terms of cost, value, and ease of use.
If your business has a storefront on a Facebook page, increase your chances of closing sales more easily with Meta Pay by KGP, which supports payments via the QR Payment system. Customers can chat via Messenger, place an order, and complete the payment all in one place. With a QR Code that is convenient, secure, and trusted by both SMEs and leading organizations.
KGP, Payment. Make It Smooth.
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