Page 4 - All the 12 payment enabling technologies
P. 4
QR & Bar Codes
A Quick Response (QR) code is a 2d readable bar-code designed originally by DENSO Corp. in 1994 for Japanese auto-
makers to track parts. With smart phones, and QR codes, customers can stores their banking account information on
their phones, go into a store pick out an item, and instantly scan its barcode and check out.
How it Works Companies involved
Two-dimensional optical label contains data that
can be read by any imaging device
Use Case
Payments, advertising, loyalty, tracking, ticketing,
top up
Strengths
No special hardware required; can be used with any
smartphone; Cheap and easy to create
Weaknesses
Lack of familiarity among users; camera phone and
specific reader software required
Security Risks
Malicious codes
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