Also, for a limited time, the company will not charge transaction fees from sellers
PayPal payment system has introduced payment by QR code in 28 countries. The new service will allow buyers to scan QR codes to pay for goods and services using PayPal purses. Merchants will be able to display the code on their smartphone or on a printed sheet of paper.
This payment method is contactless, without entering a PIN code. According to a recent study by Fullproof Agency, contactless purchases and payments may be one of the long-term trends caused by the outbreak of COVID-19, as consumers avoid devices (ATMs and POS-terminals) that are manual Input is required.
It has been reported that PayPal will temporarily waive the standard transaction fee, using QR codes as a support for retailers, facing difficulties due to the COVID-19 outbreak.
New payment method sellers and buyers in the United States, Australia, Austria, Belgium, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Latvia, Luxembourg, Malta, Will be available for Netherlands, Portugal, Slovenia, Slovakia, Sweden, Switzerland, Spain and United Kingdom.
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Earlier we wrote that the National Bank of Ukraine has developed an integrated approach for the formation and use of a QR code specifically for wire transfer from credit transfer to account. According to the NBU press service, similar requirements for QR codes for transfers are introduced by many EU countries. QR codes can be used to pay for goods and services, as well as for money transfers. At the same time, the formation and use of QR codes will not be mandatory, the National Bank emphasized.
Read: For a QR ticket with a credit card: Turnstile in Kiev metro will accept 7 payment methods