UK challenger Revolut has launched QR code payments in a bid to help businesses adhere to social distancing measures.
Businesses who sign up to Revolut Business will now be able to access QR codes on their phones through the challenger bank’s app, without the need for any additional hardware.
Revolut’s aim is to offer touch-free, instant payments that can be processed using internet connectivity.
Paulo Guichard, product owner for acquiring at Revolut, said: “The popularity of QR codes has increased as this payment method is quick, easy and allows people to make socially distanced payments which are increasingly important during the global pandemic.
“We’ve removed the need for additional devices or hardware, as all business owners have to do is use their Revolut Business app and show customers a QR code to accept payments straight away through this efficient and touch free method.”
QR code payments
To enable the feature, business owners must generate a QR code through the Revolut Business app. The customer can then scan the code with their phone camera. After this, the customer will receive a prompt asking them to pay with Apple, Pay, Visa or Mastercard.
Revolut Business Customers in the UK and Europe will have access to the QR codes initially.
To gain access to the new feature, customers must update their app and apply for a Merchant Account within their Revolut Business Account.
The launch comes after the challenger announced its plans to expand services in India.
According to the Times of India, the bank is currently in talks with the country’s central bank Reserve Bank of India (RBI), local banks, and fintech start-ups for the launch.
Its plans are to extend its instant money transfer service to and from India at zero cost, as well as offer borderless accounts to Indians.