Fintech Bank Bunq Integrates QR Codes For Mobile Payments

For the longest time, people have been debating the potential use case of QR codes in the payments industry. As it turns out, this technology can be used for real-time payments, as Bitcoin has been illustrating for quite some time now. Dutch “fintech bank” Bunq has integrated QR codes into their mobile payment solution as well.

QR Codes Are More Versatile Than Assumed

TheMerkle_Fintech Bank Bunq QR Codes

It is not the first time a bank explores the option of using QR codes to make payments. This solution holds a lot of merit, especially in the world of mobile payments. Bunq, a Dutch Fintech bank, has integrated this technology into their application. As of today, users can scan codes to make payments in real-time.

A lot of consumers associated mobile payments with relatively small amounts being paid. Contactless transactions, for example, can not succeed a threshold of 25 EUR in Europe right now. It remains unknown if Bunq has integrated a payment limit for QR code payments, but it does not appear to be the case.

Retailers can generate their own personalized QR codes, which may include order details and a custom receipt message. What is even more appealing is how retailers will not pay additional fees to use the Bunq service, but they will need a business bank account. That service will set them back one euro per month, which is still relatively cheap. Bunq has an application for both iOS and Android users, and they have all received an update to integrate QR code payments.

iDeal, another famous Dutch payment service, has been trialing QR code payment support since the end of last year and launched their service in April of 2016. Additionally, ING integrated the option earlier this year as well. Their application uses QR codes to send bank transfers between ING customers.

Bitcoin, the dominant and global cryptocurrency, has had QR code payment support for years now. In this regard – as well as some others – Bitcoin has been well ahead in the mobile payment game compared to traditional finance. Mobile payment solutions are booming, and QR code support seems to be the way to go.

Source: Tweakers (Dutch)

Images credit 1,2

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