The “Keeping up with the Joneses” mentality isn’t exclusive to individuals; it applies to big business as well. Online payments company PayPal announced Tuesday that its app will produce a QR code that any merchant with a scanner or PIN code device can accept, which many believe is an attempt to keep up with competitors like Square.
The new technology, which launched at the Money 2020 trade show in Las Vegas, will roll out globally early next year.
Here’s how Payment Code works: When you check into a store with the PayPal app, the app will generate a QR code that serves as a signature. If the merchant has a bar code or QR code scanner, then users can pay with the QR code. However, if the merchant doesn’t, then users can punch the code into a PIN pad during checkout.
The latest option allows business owners to take mobile payments without having to spend money on pricey hardware; meanwhile, consumers are given more places to shop.
Will you use PayPal’s Payment Code? Let us know what you think in the comments section below.