The bank’s new solution has integrated the quick response codes due to their security and versatility.
The topic of QR code transactions generates a considerable amount of controversy in the mobile payments industry. Some experts debate that they are simple, affordable and available to most smartphone users. Others say they are inadequate and will never take off.
Bitcoin has been using QR code transactions for quite a while and is seen as strong support for the barcodes.
The Dutch “fintech bank” Bunq has now integrated QR code transactions into their own mobile payments solution. This is far from the first time a bank has delved into the option of using quick response codes in order to verify payments. This makes Bunq only the latest in many banks that have worked the tech into their mobile wallet apps. Users can now scan the QR codes to complete their real-time mobile payments.
Consumers can now use Bunq QR code transactions to complete payments for small purchases.
In Europe, contactless transactions currently face a limit of 25 EUR for purchases. Banks feel that this aligns well with the expectation consumers have for mobile payments. Mobile wallet users still tend to think of their smartphones as payment methods for smaller purchases. That said, it is unclear as to whether or not there is a limit to the size of the purchase allowed through Bunq’s QR code payments.
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Retailers can use the QR codes by generating their own barcodes. These black and white squares may include everything from the details of the order to a customized message included on the receipt.
Moreover, retailers will find the lack of additional fees for this service highly attractive. Still, they will need to have a business bank account in order to use the Bunq service. Those accounts come with a monthly fee of one euro.
QR code transactions are also the mobile payments tech choice from iDeal. iDeal is another famous payments service in the country. It has been conducting trials with quick response codes to support their payments app since last year. The official launch of their service was in April.