QR Codes are taking the world by storm, especially when it comes to banking and payments. Dealing with finance can be time and resource-consuming for banks and confusing for the customers. Fortunately, QR Codes make it secure, faster, and seamless for customers and banks alike. Leap into the secure future of banking with a QR Code maker. How can you use QR Codes for banks and finance? Let’s find out.
QR Code payment takes over the world
As China is the world’s largest mobile payment market, QR Code payment is tremendously popular among all ages and even low-income merchants. Thanks to Alibaba’s Alipay and Tencent’s WeChat Pay the QR Code payments are part of Chinese cashless society’s daily life.
Other nations, such as Singapore, Ghana, Brazil, and Malaysia follow the lead in promoting QR Code payment. India aims to standardize the QR Code payment method throughout the whole country. There has been a sharp surge in QR Code payments thanks to India’s BharatQR system. It’s the world’s first inter-operable payment acceptance solution. As more and more nations adopt QR Codes, one can say it’s the trend in finance.
How Can You Use QR Codes for Banks and Finance?
1. MORE SECURITY FOR CUSTOMERS
Unfortunately, digital payment frauds are not rare. Therefore, banks and financial institutions are constantly finding ways to improve transaction safety. This is where QR Codes keep your money safe by providing an end-to-end encryption feature. Use a QR Code instead of single-time passwords:
- at ATMs
- to access your bank account
- to withdraw money.
QR Codes make the banking procedures quicker, seamless, and most importantly, secure! If you have some cryptocurrency in your wallet, learn more about keeping your crypto coins safe with QR Codes.
2. FASTER LOAN APPLICATION PROCESS
Remember the times when you had to wait forever for loan approval? This lengthy process is now history when technology has paved the way to faster procedures. To enhance customer experience several banks are using QR Codes for approving loan applications:
- Applicants can use a QR Code scanner to access all the necessary documents for the loan.
- Banks can make a QR Code that helps applicants to submit documents, fill out forms, and keep track of the application process.
This way, all the information is easily accessible for the loan applicants and banks have a thorough and quick overview of all the relevant information. QR Codes make the whole process faster and seamless for everyone. This way, financial intuitions can expect a higher number of loan applications.
3. RECEIVE INSTANT BANK ACCOUNT STATEMENTS
Usually, the user needs to provide the bank account statements:
- for proof of net worth
- to keep track of finances
- to verify the source of income
Financial institutions can make a QR Code unique to the customer, thus making it hassle-free. Validate authenticity by making the QR Code password protected. This way the customers have instant access to their account details.
4. EASY TRANSACTIONS AND PAYMENTS
Contactless payments are the future that is already here. Whether it’s for paying bills, international purchases, or money wiring, QR Codes make it seamless and fast. You can place the QR Code on the POS terminal or create a unique QR Code for an online transaction. Encourage your customers to use a QR Code scanner and there is no need for a physical card.
Apple Pay, PayPal, Venmo are already enjoying easy, fast, and contactless transactions thanks to QR Codes. Read more on how to make a QR Code for payments.
Ready to use QR Codes for Banks and Finance?
As you can see QR Codes are incredibly reliable and safe to use when it comes to transactions, loan applications, and instant access to bank accounts. World wide known companies and financial institutions trust the QR Code technology to handle their customers’ money flow.
Adopting the QR Code technology has been quick since almost everyone is using smartphones. It’s secure, fast, and convenient as there is no need to use cash or even a card. Use a free QR Code generator and start your journey to the future of finance.