TEXT-BASED QR CODE WITH BANKING DETAILS
Description.
There are several main types of payment QR codes:
1. By data dynamics:
- Static text QR code with payment details
Contains only the merchant's payment details.
This is a standard text QR code.
Typically, a bank account is specified in iBan format or the country-specific format.
Some banks also require the merchant's tax ID and name.
The amount and comment are usually not specified—the buyer must enter them manually in the app.
This is usually just a sticker on the checkout.
A simple text-based banking QR code serves to display payment information that a customer can scan using a camera. Scanning opens a text note, allowing the customer to copy the details into their mobile banking app to initiate a payment.
The major advantage of this QR code format is its compatibility with virtually all banks and payment systems. The business generating the code only needs to know which payment details are required in its country so the customer can manually paste them into their banking app and transfer the funds. Many people are wary of following payment links to third-party websites; they prefer to copy and paste details directly, as reading them aloud or typing them manually increases the risk of making an error and sending money to the wrong account.
Consequently, this code is very straightforward. In most cases, it consists of an international or domestic bank account number (such as an IBAN), the legal name of the recipient entity, and a tax identification number. In many countries, just the company's bank account number—a single line of text—is sufficient to initiate a payment.
The customer copies the information into their banking application, enters the payment amount themselves, and adds a reference note. Once paid, they can show the confirmation screen on their device, which is sufficient for most merchants to release the goods if the transaction amount is small or trust is high.
If the merchant needs to verify that the funds have cleared, they can log into their online banking platform or rely on incoming email/SMS payment alerts. Some countries also offer online transaction verification portals where a merchant can visit the national bank's website, enter a payment reference code, and confirm that the payment has been completed.
- The customer points their phone camera at the QR code, which is either printed out or displayed on the merchant's terminal.
- The merchant's payment details open in a text note.
- The customer selects the recipient's account number, taps copy, opens their mobile banking app, pastes the details, enters the payment amount and reference, verifies that the merchant name matches, and sends the money.
- They visit our website and enter their account number and, possibly, their tax identification number and legal name into the QR code generation field.
- The QR code is generated instantly; they click "Save" and can then print it on paper or transfer it to a payment collection device.
You can use our QRoot Universal Terminal to display this type of QR code:
https://qroot.app/universal-terminal/point-of-sales-terminal
- Dynamic text QR code with payment details
Generated for a specific purchase.
It already contains the exact amount, transaction ID, and payment comment.
The buyer scans it with their phone camera or the camera built into their banking app.
Then, they verify the details and tap "Pay" within their banking app.
These codes are convenient because they are versatile. They can be printed directly on invoices for easy payment.
Example: EPC QR code in the European Union, Swiss QR code in Switzerland.
To ensure the transaction is successful, the seller must request confirmation from the buyer or log into their banking system and check or configure Open Banking.
