QR Codes have observed the highest rate of adoption in Asia. Read about “Exploring The Varying QR Code” with full details in this article.
Introduction
QR codes were highly futuristic at first. However, later on, they somehow faded away into obscurity. Now again, they are seen everywhere. In something that can be regarded as one of the most successful stories of the successful ventures during the COVID-19 pandemic, the noble QR codes have brought back the concept of no-contact payments that are increasing in overall popularity while keeping businesses moving ahead –without involving any touch.
The all-new QR Code Payments Tracker by PYMNTS in February 2021 has been brought forth in collaboration with Citcon. It is an intriguing examination of the QR Code commerce and its overall outlook. This holds especially true in areas wherein QR Code had taken early hold during the pandemic with affirmative results –like the vast dining sector.
As per the reports of Tracker, restaurants all around the globe have come up towards offering on-premise services while reducing health risks for employees and customers alike. In the given scenario, QR Codes are serving as highly invaluable in providing access to the necessary tools & services in the direction. Solutions that make use of the latest technology will enable users to go through menus while paying for the respective meals with reduced staff interaction. This helps in reducing the overall risk of transmission of the virus while also allowing eateries to continue their businesses.
A recent survey conducted in September 2020 revealed that 38 percent of consumers in the United Kingdom and the USA had scanned the QR Code at some café, bar, or restaurant in the duration of the previous 6 months. This reveals the fact that the given technology has been making instant gains in the given sector.
Increasing Rate of Adoption for QR Codes Across the World
In the modern era, the QR Codes have increasingly become a commonplace in the modern business world for providing consumers access to instant information. In the given scenario, the users are routed to particular websites after scanning the codes with the respective phones. The first-ever QR Code-enabled payment system came into existence in China in the year 2011. Since then, the given method has taken over the world –especially Asia.
The QR Codes have undergone different adoption rates in different corners of the world. However, even after their myriad of use cases in the field of payments & beyond, specific countries like the United States of America have been gradual in its overall adoption. This is even after its wide range of benefits over cards, cash, and other forms of payments.
The Exploding Popularity of QR Codes in Asia
QR Codes have observed the highest rate of adoption in Asia. For instance, China –its manufacturing country serves to be the world-leader in its innovation and adoption. The residents here make use of the QR Codes for everything –right from saving spots in restaurants to monitoring the health of an individual. The QR Codes are also used for even setting up dates at bars, installation of larger TV screens, and much more.
A majority of Chinese population makes use of the QR Codes several times throughout the day for a multitude of reasons. While scanning is performed for a number of reasons, QR Codes payments are highly used. Transactions related to scan-to-pay in China have increased almost 15 times in the period of the last 3 years. As such, the value had hit around $1.5 trillion during the 4th quarter of 2019. The QR Code economy in the nation had been increasing at a rapid rate by around 25 percent during the early months of 2020.
Merchants Driving QR Code Adoption
The ongoing pandemic has served to be a game-changer for the entire e-commerce in countries like the United States of America. This is because the health crisis tends to deliver widespread effects on the attitudes of the consumers with respect to cash payments. Around 50 percent of consumers in America have made use of the concept of contactless payments because of the existing risk of coronavirus infection while handling cash.
At the same time, it is believed that around one-third of Americans reveal that contactless payments have been their go-to solutions for purchasing. QR Codes appear like the natural drift for the given set of payments. Moreover, these have also observed a significant rate of adoption –with around 11 million households in the US having scanned using QR Codes in 2021.
Restaurants, merchants, and other businesses across the United States of America are taking effective steps towards driving greater QR code adoption. However, PayPal went ahead with waiving all payment fees related to QR Codes. For instance, CVS –a leading pharmacy chain introduced the concept of contactless payments powered by QR Codes at more than 8200 stores in the nation for incentivizing the use of the method by customers.
Increasing Worldwide Adoption of the QR Codes
One specific field in which the QR Codes have garnered significant impetus is the restaurant industry. In this sector, the technology of QR Codes has been deployed not only for ensuring contactless payments, but also for ensuring contactless menu viewing & ordering. The given tools enable staff as well as customers to spend less time during interactions. This helps in reducing the overall risk of infection. As such, the tools are expected to be in use even after the pandemic comes under control on account of the impressive customer reviews.
The ongoing coronavirus pandemic has given the concept of QR Codes a boost in several parts of the world. However, it is yet to be observed how widespread the given technology might become less critical once social distancing reduces. Restaurants, merchants, and other businesses should continue implementing convenient & seamless innovations related to QR Codes for boosting the use of technology amongst consumers in America now & also in the future.
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