5 reasons why banks trust QR codes

1. Convenient money transfers

Banks can assign unique QR codes for each of their users. The user can then share the QR code with other people so they can quickly transfer money.

Scanning the code will redirect the money sender to a secured landing page where they can indicate the amount to send.

Through this method, the user no longer has to give out personal details such as their full name and account number to another person. While that's convenient, it also promotes a safer transaction.

Since users do not need to share their details manually, they are kept safe from data leakage or security threats.

2. Secured employee identification

QR codes aren’t limited to providing additional security to ATM, debit, or credit cards. Banks can also integrate a vCard QR code on every teller’s desk, showing their name and payment options, including their picture.

This makes it easy for customers to leave reviews, and track or follow up transactions with tellers as they’re able to keep transaction records on their phones.

And since vCard QR codes are dynamic, banks can easily update their payment methods and files on the existing code. Bank managers can also track the number of scans for each employee’s vCard QR code, and see how many customers were able to make full use of the information provided.

3. Safe online transactions

Online banking is a rising trend today since people are always on the go, but scammers have seen this as an opportunity to lure unsuspecting victims and rid them of their money.

As banks launch their exclusive banking apps, they can integrate a QR code generator and scanner into it.

They can modify their banking QR codes so that only the in-app scanner can read them. Users would no longer need to use their native camera or scanner app nor install third-party scanners.

And even if scammers placed fake QR codes over legit ones, they still won't work because the in-app scanner won't recognize them.

This will greatly benefit retailers and shopkeepers who use banking QR code for payment. This will also help people who use QR codes for fundraisers and donation drives.

4. Efficient touchless banking

The COVID-19 pandemic has made people more aware of their hygiene and has led them to avoid touching dirty surfaces as much as possible to keep their hands clean.

Take ATMs, for example. Many people use them daily, and no one knows if the staff actually clean the machine's surfaces religiously. Who knows how many microorganisms thrive in those buttons?

QR codes can promote a touchless and cardless experience for clients. One best example is the OCBC Bank in Singapore which now offers QR cash withdrawals.

Cardholders will only need to use the in-app scanner of the OCBC Pay Anyone app to scan the QR code flashed on the ATM screen to withdraw.

5. Convenient digital services

QR codes can help optimize in-bank transactions that require writing on printed forms, which include deposits, withdrawals, and loan applications.

Clients can simply scan the QR code to access editable forms online and quickly fill them out using their smartphones, which is easier and faster than writing.

QR codes: promoting a more efficient and safer banking experience

Banks must constantly improve their services to meet or exceed the expectations of their clients and keep them satisfied. They can achieve that today through the use of a QR code generator software with an ISO 27001 Certification.

These digital tools can provide convenience and ensure the safety of clients' transactions, reassuring them that their money is protected from threats.