PayPal is introducing a QR code-based payment system that allows you to scan a code and pay for your goods using the PayPal app. It is similar to the phenomenally popular QR code payment method used by Chinese app WeChat.
Although NFC payment terminals are popular in countries like the UK, it has taken much longer for the technology to proliferate in many other nations including the US. With the rise of the smartphone, billions of people are carrying around a phone with a camera in their pocket.
PayPal is hoping this new method of payment will not only spike use in its app but also help keep people safe during the coronavirus pandemic. It should help increase contactless payments, and keep people from using cash or touching payment terminals. “A QR code means you don't have to handle cash, credit cards or remember a PIN”, PayPal said.
Businesses will be able to generate unique payments codes to display in their stores. You can even share this link with a business to help them set up their own code or generate your own code with this link if you’re selling something.
There will be no seller fees up till 30 July, after which PayPal will charger sellers 1.90%+$0.10 per transaction. There’s the company’s incentive to help you out.