QR Code Payments are also a Retail Game Changer

I know. When I first sat down at a restaurant that was open between lockdowns and had to order off a visual menu on my phone, then make payment - it all seemed a bit foreign. It wasn't really improving the customer experience, but either were the non-existent staff to take an order for our table of six. Not to mention splitting the bill or individual payments.

Rest assured, there are massive improvements across customer experience and also billions of dollars of potential savings to merchants and it goes much, much further. Payments are hard friction. Plastic cards and virtual cards, debit cards, credit cards, multiple BNPLs, tap, swipe, passwords, PINs, magic links ... It's a real mess! It also costs a fortune for retailers to process payments. Most consumers use debit-enabled visa and Mastercard cards with taps and swipes costing merchants higher discount and take rates on transactions.

QR code payments could simplify all of this and promote EFTPOS usage to the forefront, saving billions of dollars in bank and merchants fees while reducing fraud and drastically improving the CX.

Some Benefits of QR Codes to Customers & Merchants

• Greater security
• Faster payments
• Richer customer experiences
• Lower merchant costs
• Share relevant offers
• Collect loyalty and reward points
• Instalment payments
• Receipts & warranties
• Consolidates multiple bill pay systems
• Gift cards
• Split payments
• P2P payments (instant)
• Store & link addresses & locations
• Instant reordering
• Subscriptions

Imagine what it could do for fast food and the drive through. Mr. Yum could change the game in the fast food sector as the touch points are way too many. You wait to order, wait to merge lanes to get to a payment window, pay someone who may or may not have identified your order correctly, then pick up your food at another window. Urgh. Just give me a virtual menu or a preorder option and I'll scan in when I get to the voice-in-a-box. Already paid yesterday - EFTPOS. Saved you $.20.

Not to eradicate employment, but since there is a hospitality shortage - why do you need a dedicated order and payment taker? We all have smart phones and if you enabled 24/7 ordering, I'd gladly pay you today for a cheeseburger tomorrow if all I have to do is rock up and scan a QR code, your app or POS. I'd assume most customers get the same thing time after time and this could be oh-so-much-easier.

I'd take this much further into marketplace escrow payments where I could zap you a QR code if you want to buy my used mountain bike. Then at least I know you'll turn up and save me from texting 20 people that it's still available. We recently had an extended family lunch that literally took 20 minutes to work out the bill. Such a waste of time and more importantly, took the enjoyment out of getting together. So many uses & time savings.

EFTOS QR Codes [link]

Give customers a consistent experience across channels and devices through a QR code payment experience. You can then stop asking me for my e-mail address and mobile number ... and hammering me with your promos before I've even left the store. We've just met. I like you. Just not that much, this soon. Slow it down a bit.

About Mike Fowler

Mike is an eCommerce veteran, senior leader & growth strategist for some of Australia's best retailers. Formerly at Afterpay as Director of Merchant Services APAC, General Manager and founder of the growth team at Mosaic Brands (Noni B Group) developing and launching 9 iconic multi-category online marketplaces, including: Noni B, Rockmans, Millers, and Rivers, as well as Head of Digital at Blue Illusion. Member of the Australia Post Customer Advisory Group with more than 15 years experience in helping retailers leverage eCommerce, CX, payments, & logistics opportunities to maximise growth.