PayPal is taking the lead. The entire payment ecosystem has been changed since the arrival of the novel coronavirus. People have been giving more preference to online payment modes such as mobile wallet payment, QR payment, and many more.
Considering the present situation, PayPal that is an American company operating a worldwide online payment system is going to enable QR code payments through its applications in 28 markets.
The company is trying to cover major markets. Such as the US and the UK so that the PayPal merchants can conduct contactless transactions through QR code payments without investing in any additional hardware.
According to Business Insider. “Customers can make purchases with the feature by scanning a QR code that has been printed out. Or is presented on another screen. PayPal removed in-store payment capabilities from its app in 2018, but CEO Dan Schulman indicated in late 2019 that the company was set to build out its in-store capabilities”.
It is a fact that payment processor companies have been trying to popularize online payment modes for many years. But, Coronavirus has made it easier for them. Due to COVID-19, contactless transactions have become more appealing to consumers as well as businessmen.
PayPal is expecting positive responses from the consumers regarding this new payment system. Moreover, consumers have already started using mobile wallets to make online transactions and avoid contracting the virus. Therefore, it is quite clear that PayPal will get a positive sign.
According to the survey done by Capgemini. “Two-thirds of global consumers prefer to use mobile devices. To avoid interacting with humans and touchscreens at shops. Other locations during the pandemic, so PayPal’s QR code payments could attract consumers. And with 62% of respondents expecting to prefer using mobile devices for the same reason after the pandemic, PayPal’s feature could attract consumers and volume for the foreseeable future”.
This QR payment system will be competing with other contactless payment methods such as NFC-enabled devices, contactless cards. But, being a reputable brand, PayPal will surely attract millions of existing users.
The new payment system allows merchants to accept online payment through mobile apps. However, in such a scenario, sellers must have a smartphone that has the capability to generate QR code in order to accept in-person payments via PayPal QR payment system.
The Company believes that if the new QR code payment system gains popularity among the consumers, a large number of merchants will start accepting QR code payments via PayPal.