What is Scan & Pay?
“Scan and Pay” is regarded as the digital mode of payment which has been around the most recently. However, only after a few months after its release, the concept has gathered ample impetus across the world. After demonetization in India, the utilization of “Scan & Pay” witnessed a significant boom. With the increasing popularity of the cash-less economy, the evolution of this advanced digital payment system create a specialized niche for itself in the high-rise cashless domain.
Scan and Pay is regarded as the mobile-based digital payment facility that ensures the transfer of funds seamlessly from one person to another. The transfer of funds digitally is achieved through scanning a unique QR (Quick Response) code with the help of some mobile app which to support the given feature. There are various applications of the Scan & Pay feature. Right from making payments at some retail outlet to transferring funds over e-commerce sites, grocery stores, and various others.
How did Scan & Pay Technology Evolve?
Around 3 years ago, Visa had introduced the concept of mVisa –a QR code-based facility of making payments digitally for the Visa cardholders only. Since then, several financial companies have tried their hands in the Scan & Pay technology towards facilitating online or digital payments.
Following the league of mVisa, leading banks & financial institutions also laid out their individual QR code-based features including the Kotak 811 app, Masterpass QR, Paytm, FreeCharge, and various others. The launch of the Scan & Pay feature has been revolutionary in terms of the ease of making payments without the involvement of cash.
How Does “Scan & Pay” Work?
One of the most striking features of the Scan and Pay system is that it offers immense ease of use to the users. As a customer, you are simply required to scan the specific QR (Quick Response) code and then enter the desired amount of transaction. Once it is successful, the particular amount would instantly get deducted from your account. As such, there is no need for any swiping machine or entering passwords or PINs. There is also no need of entering the phone number or ID of the particular merchant towards enabling payments.
When you are making use of specialized mobile banking apps for facilitating the feature of “Scan & Pay”, the particular app serves to be a virtual debit card for making payments.
How to Operate the “Scan & Pay” Feature?
If you wish to use the “Scan & Pay” feature, you need to have a smartphone and then, download the specific mobile app through which you will be using this feature. Most of the leading banks offer the feature of “Scan & Pay” through their unique mobile apps. For instance, Kotak Mahindra Bank offers this feature through the special Kotak 811 mobile app that can be used for “Scan & Pay” towards making the desired payments or paying bills.
As a shopkeeper or retailer, you can link your bank account to the mobile app. Then, you can generate the unique QR code which could be static or dynamic code. In case of the static code, the QR code that is generated can be printed and placed on your store’s counter for the ease of customers towards scanning & making the payments. On the other hand, a dynamic QR code gets generated randomly. There is a new QR code for every transaction. In this case, the customers will not have to enter any amount. They can simply “Scan & Pay” and the payment is successful.
Benefits of Scan & Pay
Make the most of the “Scan & Pay” feature!