What is a QR Code?

QR Codes, or Quick Response Codes, are scannable, two-dimensional barcodes that provide information attached to the code. We sometimes see them on business cards, on product packaging, or at events. When we see a QR code, the general U.S. population is still unsure how to scan them. QR codes have surpassed every other payment method in China, but why has this technology yet to be widely adopted in the U.S.?

America’s Slow Adoption 

QR codes could potentially eliminate the need for debit cards, as this is already a large trend in China. Unfortunately, fraud is such an issue in China regarding the use of QR codes to the point where the Bank of China set an $80 transaction limit. This limits adoption in America because if people hear that they can only spend $80 per transaction using the technology, then they don’t see any value in it. QR codes are not built into our ecosystem; there is nothing driving the use of the technology, since the codes don’t integrate into any of our other daily technologies. 

The Value of QR

Many people are unaware of the value that QR Codes offer them. It creates an easier way to shop by allowing you to make quick payments. Additionally, when you walk into a retail store, you could scan the QR code on an item and get information about it as well as learn of potential items that pair well with it. For example, buying a laptop and finding out what cases or accessories are made to accompany that model. 

 

QR Codes have functionality and provide value to customers, but the issues associated with them are keeping the technology from being widely adopted in the America. Will this be the new payment technology here in the U.S., or will it get lost in the shuffle?

Want weekly blog and social media updates from FortisPay? Opt-in to our newsletter: learnmore.fortispayments.com/subscribe/

Follow us on Facebook, Instagram, and Twitter @FortisPay