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To make a QR code payment, the consumer scans the QR code displayed by the merchant with their smartphone to pay for their goods. They enter the amount they have to pay and finally submit. This is a more secure card-not-present method than others.
QR codes can be used to store bank account information or credit card information, or they can be specifically designed to work with particular payment provider applications. There are several trial applications of QR code payments across the world.
The QR code is presented by the payee, in a static or one time generated fashion and it is scanned by the person executing the payment. Mobile self-checkout allows for one to scan a QR code or barcode of a product inside a brick-and-mortar establishment in order to purchase the product on the spot.
Smart cards serve as credit or ATM cards, fuel cards, mobile phone SIMs, authorization cards for pay television, household utility pre-payment cards, high-security identification and access badges, and public transport and public phone payment cards.
EMV. An EMV credit card. EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for " Europay, Mastercard, and Visa ", the three companies that created the standard.
Displaying a QR code on the customer's smartphone to the identifying host (a cashier i.e.). The unique QR code ensures privacy for every customer. Engaging an NFC protocol connection by placing the smartphone near the NFC Reader (using host card emulation method).