QR Codes have become an increasingly popular alternative for cashless payment in Singapore, especially since the COVID-19 outbreak. In particular, the versatile use of QR codes has helped many F&B and retail businesses transition into the digital space seamlessly, providing consumers with a contactless purchasing experience. While many companies are still using static QR codes today, CCPay provides a more secure and user-friendly solution for our merchants with dynamic QR codes.
What is a Dynamic QR Code?
A dynamic QR code is a matrix of squares that contain information, and it redirects users to a website/link through the encoded URL. Depending on the businesses’ needs, changes to a dynamic QR code can be made, such as the information directed to the users. This function can improve effectiveness for businesses, as well as a more secure transaction with the users.
Static vs Dynamic QR Codes
Static QR Codes are fixed codes that cannot allow changes to the pre-entered information. These are, for instance, email and text codes, which do not contribute to any tracking metrics. As the data stored in static codes are predetermined, users will be unable to change the destination address of the data or URL post-generation.
On the other hand, pre-determined information in dynamic QR codes can be amended at any time. This function allows businesses the flexibility to update business information as needed without having to generate a new code. Dynamic QR codes also support in evaluating performance with tracking metrics, such as:
- The number of times the QR code was scanned by consumers
- The timestamp and location of code scans
- The types of devices used to scan the QR code
This available information can contribute to performance analyses and optimize business strategies.
Benefits of Dynamic QR Codes for Payments
Secure Transactions with More Control
Merchants generate dynamic QR codes for each transaction in real-time. As opposed to using a static QR code, merchants now have the control to input the payment amount due for the customers. This function prevents the business from being susceptible to deviant customers and fraudulent transactions. Upon completion, details of the transaction, including identification trackers unique to each transaction, will be available in real-time, assisting merchants to verify the payment in case of any conflict that arises.
Improve Your Patrons Contactless Payment Experience
Dynamic QR codes require merchants to enter any information relating to the transaction, thus providing patrons with a truly automated payment experience. Customers will not need to enter any transaction information manually. They can simply scan the QR code with their mobile device to verify the payment amount and authorize the transaction.
A distinct upgrade from static codes, dynamic QR codes can provide businesses with more payment security, user flexibility, and performance insights. If you would like to learn more about how our solutions can better support your business, contact us today!