The company is launching a new mobile payments feature with retailers and other sellers in mind.
Yandex.Checkout announced the launch of a new type of mobile transaction using payment QR codes. The goal is to appeal to merchants that are seeking to open up their options to smartphone based payments via barcode scans.
Interested merchants will need to add quick response codes to their merchandise so shoppers can scan them.
Consumers will need to have downloaded the Yandex.Money mobile app in order to scan the payment QR codes. The quick response codes can be added to anything from products to documents or digital goods. This means that a customer shopping for books, food, a delivery form or even an online movie can scan to pay.
To make a payment, consumers must open the Yandex.Money app and scan the product’s QR code. Once the quick response code has been scanned, the app will identify the product, its seller and the price. The device user can then select whether they want to pay for the transaction using a bank card linked to the app or whether they prefer the app’s mobile wallet feature.
The payment QR codes have been designed to provide a straight forward and simple purchase process.
Yandex.Money CEO Maria Gracheva said, “QR-codes are an extremely convenient tool for making payments that sellers can place on material or online platforms: whether on a door at a national park allowing customers to make a charitable donation, or on buses that will help passengers pay for a ride.” She added that the company is certain that the quick response codes have considerable potential for popularity in purchase transactions.
The merchants can generate the QR codes directly through the Yandex.Checkout payment aggregator. At the moment, there are already over 76,000 online stores using Yandex.Checkout. Moreover, there are about 4 million users who have downloaded the Yandex.Money app on Android, iOS and Windows Phone mobile devices.
Payment QR codes have a bigger chance at popularity now than they ever have before as these transactions start to take off among consumers. This has been a market where growth has been slower than anticipated, but it is started to catch on.