In our digitalizing world, it is used in many different areas, especially financial services. QR code technology makes things easier for both users and service providers. It facilitated transactions in financial services with its unique mathematical structure. Thanks to QR code technology, which combines approval and encryption processes, payments, collections and services are provided and received within seconds.
What is QR Code?
QR code technology can be defined as a type of barcode in different formations. English equivalent Data Matrix which is in Turkey QR Code QR code, also known as QR code, is a technology that can be printed in square or rectangular shapes and defined with countless combinations, and the required numerical or alphabetical data can be hidden in this barcode.
In the payment and collection areas of financial services where QR code technology is most commonly used, this technology shortens transaction times considerably since there is no need for data entry in the process of accessing account information. In other words, there is no need for credit card information or credit card when paying with this method. Thus, payment can be made within seconds via QR. You can access your accounts contactlessly with the QR code service without needing a card for your ATM transactions.
Payments Made with QR Codes Are Increasing Exponentially
Data on payments made with QR Code has been published by the Interbank Cards Center since the beginning of 2020. According to the transmitted data; 1 million 520 thousand transactions were made in all of 2020. Compared to last year, 1 million 328 thousand transactions were made in the first quarter of 2022 alone. The total size reached with these transactions was 292 million lira in all of 2020. It reached 401 million in just the first quarter of 2022. The amount per transaction in payments made by QR code also increases in parallel with the trust in technology.
Payment with QR code started to attract more attention in the first quarter of 2022. The number of payment transactions via QR code, which has been rapidly adopted in the financial world, was 552 thousand 631 in the first quarter of 2021; While it was 275 thousand 667 in the first quarter of 2020; In the first quarter of 2022, this figure reached 1 million 328 thousand units. The number of payment transactions via QR code has doubled in the last year. Compared to 2 years ago, there was an increase of more than 6 times.
