Get Paid Quickly and Easily with Payment QR Codes!

In today’s digital era, cashless transactions have become the norm. The world of finance and payments is undergoing a significant transformation, with fintech companies taking over with innovative solutions. One of these companies is Revolut which stands tall as a leader in revolutionising how we manage our finances. The fintech company has introduced a feature that simplifies and enhances the payment experience for both individuals and businesses – the Revolut Payment QR Code. In this blog, we will dive deep into the concept of Revolut’s payment QR code, exploring its functionality, advantages, and the impact it has on the future of digital payments. Let’s dive in!

What is Revolut’s payment QR code?

What is Revolut’s payment QR code | goskat

Revolut’s payment QR code is an innovative payment feature integrated into the Revolut app. The feature is designed to enable swift, secure, and seamless transactions for businesses and individuals. At its core, it leverages Quick Response (QR) code technology – a two-dimensional barcode capable of storing significant amounts of data. Using this technology, Revolut allows its users to generate unique QR codes that represent their payment details, which are directly linked to their Revolut accounts.

When a user initiates a transaction using the payment QR code, the QR code encapsulates crucial payment information, such as the amount to be paid and the recipient’s details. This encrypted data ensures that the transaction remains secure and tamper-proof during its entire journey from payer to payee.

How does Revolut’s secure payment QR code work?

How does Revolut’s secure payment QR code work | goskat

Revolut’s payment QR code is user-friendly. Here’s a step-by-step breakdown of how it works:

QR Code Generation: To start with Revolut’s payment QR code, users can effortlessly generate their unique QR code from within the Revolut app. This personalised QR code is a virtual representation of the user’s payment information, securely tied to their Revolut account.
Presenting the QR Code: To receive a payment, the recipient (payee) simply presents their QR code to the payer. The QR code can be displayed on the recipient’s smartphone screen, printed, or integrated into digital interfaces.
Scanning the QR Code: The payer uses their smartphone or a compatible device with the Revolut app to scan the QR code presented by the payee. This is done by accessing the “Scan QR Code” feature within the app.
Authorisation and Confirmation: After scanning the QR code, the Revolut app prompts the payer to review the transaction details, including the payment amount and recipient’s information. The payer then authorises the payment by confirming the transaction.
Instant Transfer of Funds: Once the payment is authorised, the funds are instantaneously transferred from the payer’s Revolut account to the payee’s account. This real-time transfer ensures that the transaction is completed swiftly, without any delays.

Advantages of Revolut’s payment QR code

Advantages of Revolut’s payment QR code | goskat

Contactless payments

QR codes are a contactless payment method, which means that businesses and customers do not need to physically touch each other in order to complete payment. This makes QR codes a more safe payment method during the COVID-19 pandemic. In fact, a study by Visa found that 72% of consumers are more likely to use contactless payments now than they were before the pandemic.

Easy to use

Revolut’s fast QR code is easy to use for both businesses and customers. Businesses can create a payment request in just a few taps, and customers can scan the QR code and complete the payment with just a few clicks. This makes it a convenient and efficient way to accept payments, especially for businesses that are on the go.

Fast and secure

Revolut’s payment QR code are a fast and secure payment method. The payment is processed instantly, and the funds are deposited into the business’s Revolut Business account within seconds. This means that businesses can get paid quickly and easily without having to worry about the security of their payments.

No additional fees

There are no additional fees for using Revolut’s payment QR code. Businesses can accept payments from customers without having to pay any additional fees. This makes it a cost-effective way to accept payments, especially for businesses that are on a budget.

Flexible

Businesses can use Revolut’s payment QR code to accept payments in multiple currencies. This is helpful for businesses that cater to international customers. For example, a business in the United States could accept payments from customers in Europe or Asia without having to worry about currency conversion fees.

Revolut’s payment QR code use case

Revolut’s payment QR code use case | goskat

Revolut’s payment QR code boasts a diverse range of use cases that cater to various industries and scenarios. The versatility of this innovative payment feature makes it an invaluable tool for businesses and individuals alike. Let’s explore some of the prominent use cases where Revolut’s payment QR code is transforming the way payments are made:

Retail Sector – In retail stores, Revolut’s payment QR code simplifies the checkout process for both customers and merchants. Instead of fumbling with cash or cards, customers can make swift payments by scanning the QR code displayed at the checkout counter.
E-commerce – E-commerce platforms can integrate Revolut’s payment QR code as an additional payment option during the checkout process. This allows customers to complete their purchases with a simple scan, eliminating the need for manually entering payment details.
Peer-to-Peer Transactions – Whether dining out with friends or sharing expenses on a trip, the payment QR code enables seamless peer-to-peer transactions. A single person can generate the QR code representing the total amount owed, and others can easily scan and pay their share, making the process of splitting bills effortless and efficient.
Service-based Businesses – Independent professionals, such as freelancers or service providers, can use the payment QR code to receive payments from their clients. Whether it’s a graphic designer, a tutor, or a personal trainer, the QR code offers a simple and secure method for accepting payments.
Restaurants and Cafes – In the food and beverage industry, QR codes can be placed on tables or printed on receipts, allowing diners to pay their bills directly from their smartphones, providing a contactless and convenient dining experience.

Conclusion

Revolut’s payment QR code is a convenient, secure, and cost-effective way for businesses to accept payments from customers. If you are looking for a contactless payment method that is easy to use and secure, then Revolut’s payment QR code is a good option to consider.

FAQs

How do I create a QR payment?

To create a QR payment, sign up for a payment app supporting QR payments. Next, link your bank account or card. Enter payment details and generate a QR code. Lastly, share the QR code with the recipient for payment.

What is QR payment?

QR payment is a cashless transaction method that utilises Quick Response (QR) codes to facilitate payments. Users generate a QR code representing their payment details, such as the amount and recipient information. The recipient then scans the QR code using their smartphone to complete the transaction.

What is QR vs NFC payment?

QR Payment uses QR codes for transactions, widely accessible with smartphones. NFC Payment involves tapping NFC-enabled devices on payment terminals faster but requires NFC hardware.