In Mexico, you can already make payments via QR code
Mercado Pago presented a new function in Mexico City that facilitates the payment of products and services in physical stores, from the telephone and without the need of having a credit card.
The new tool of Payments with QR is inspired by the success that QR codes have had in China where through applications such as WeChat Pay, people perform mobile transactions in physical stores.
"When we talk about financial inclusion, our eyes turn to China, where they have really achieved this purpose of democratization, bypassing payment cards," explained Paula Arregui, senior vice president of Mercado Pago Product. "In China 5.5 trillion dollars were transacted in digital payments (in 2017) and more than 1000 million users skipped the cards and went directly to the cell phone as a payment mechanism. And here we are, trying to bring that expertise."
How does payment with QR code of Mercado Pago work?
People only have to choose the products or services they want to pay, go to the cashier and wait for the ticket to print, which will have a QR code. There will also be cases in which the code is on a screen or on a printed sign in the establishment.
The next step will be to open the Mercado Pago app, which can be tied to a bank account or have credit previously deposited in the account, select the option "Pay with QR code", scan the code ... and that's it!
The payment will be reflected in the purchase history of the application. According to Mercado Pago, users of the app who use this payment method will have access to special offers.
The system will start in Mexico City in more than 5 thousand businesses. The goal of the company is to reach 50,000 throughout the country.
The advantages of payment via QR code are not only for users who do not have cards or who want to make fast mobile transactions but also for businesses since they can receive digital payments without the need to invest in expensive equipment and for now, they will not pay commission.
"We see convenient (the QR code) because it is an instrument that has virtually no cost. Someone from the cell phone screen or on a paper mounted in your store can receive money without paying monthly rent for a machine or buying a device."
Interested businesses can create their QR codes on the mercadopago.com.mx site and place it in their stores. Afterward, they must enter the amount that each client must pay in the system and ask them to scan the code to make the final payment.