In the move to support MSMEs and migrant workers, the central banks of five ASEAN member states—Thailand, Singapore, Indonesia, Malaysia, and the Philippines—have signed a memorandum of understanding (MoU) on regional cross-border payments between countries.
As part of the initiatives to strengthen economic integration, these five agreed to incorporate the use of contactless QR code-based payments to speed up transactions that were previously only possible between Indonesia and Thailand.
This proves that QR code technology can help banks establish an advanced framework to facilitate economic recovery. Banks can leverage QR codes to improve banking operations and enhance the customer experience.
With a highly developed QR Code generator as QR TIGER, banks can easily integrate QR codes for smooth, practical, and safe transactions that ensure excellent customer satisfaction.
The versatility of this technological tool is undoubtedly limitless. In this article, you’ll learn more about how helpful QR codes facilitate bank processes.
In all fields, including business and marketing, QR codes are becoming more common. Now, the growing potential use of QR codes has entered the financial industry.
A QR code for banks eliminates the tedious conventional banking operations and transactions that may discourage bank clients.
Market analysts are generally optimistic about the payment method's future growth due to the widespread acceptance and use of QR codes among retailers and customers worldwide, as well as the rise in smartphone usage and better internet access.
A recent study by Juniper Research projects that by 2025, more than USD 3 trillion will have been spent globally via QR code payments, up from USD 2.4 trillion this year.
Banks and their customers can enjoy the benefits and advantages of QR code technology. They may employ QR codes to offer their customers an advanced and seamless banking experience.
This technology is even more helpful because consumers only need their cell phones to scan QR codes and access their information.
1. Digitized transactions
When completing paper forms manually for bank transactions, including deposits, withdrawals, and loan applications, QR codes eliminate the hassle.
Financial companies can make QR codes that lead their customers to digital forms they can fill out online, using only their smartphones to complete them. Following COVID-19 health and safety rules, banks can also set up QR codes that lead customers to contact tracing forms.
Banks can use QR codes to provide end-to-end encryption for all transactions. QR codes can replace one-time passwords (OTPs) in bank transactions.
Clients benefit from the convenience of not having to type passwords manually. Banks can employ dynamic QR codes to add passwords to each code, making the QR codes safer to use.
3. Identity authentication
For enhanced protection, financial institutions authenticate visitors entering and leaving their buildings. The bank's management can make QR codes for each employee and staff member to make it easier and faster to verify their identities.
Another use for QR codes is as an identity tracker. When scanned with a smartphone, the code will show the employee's or cardholder's name and send the information to the database.
The vCard QR code can store employee profiles and identification numbers. Using the bulk QR code solution, you can also produce numerous distinctive QR codes for your customers.
Customers can access a secure donation page by scanning one of these QR codes for donations. They can send money using a mobile wallet, a credit or debit card, or both.
By displaying a QR code, people who want to donate will only have to scan the code, making the process easier. Using a free QR code generator you can create customized QR codes.
1. OCBC Bank
Customers can conveniently withdraw money from any OCBC ATM using this unique service without using their ATM cards, credit or debit cards, or PINs.
Customers could withdraw money from an ATM by scanning the QR code on the screen with the OCBC Pay Anyone app. This feature lessens the need to touch the ATM directly. And even better, cardless users can still withdraw cash.
2. Diebold Nixdorf
Customers can now use the new feature to locate themselves by scanning the dynamic QR code on the ATM terminal screen using their current digital banking app.
Following that, banking app users can swiftly confirm their funds' withdrawal or deposit. Customers no longer have to touch the ATM's screen or buttons thanks to the use of QR codes, enabling a "touchless ATM experience."
Any business that wants to succeed in this cutthroat industry must stay on top of the rapidly evolving trends.