How Cross-Border QR Payments Work and Their Benefits for Businesses

July 30, 2024

Say goodbye to currency conversion headaches and long wait times. Cross-Border QR Payments are here to transform the way you shop and do business across Asia. This innovative solution lets you send and receive money instantly using your smartphone.

In this blog, we'll dive into how this technology works, its benefits, and how it's changing the payment landscape.

Benefits of Cross-Border QR Payments:

For Consumers:

• Convenience: Seamless and hassle-free way to pay abroad.
• Security: Leverage secure mobile banking app for transactions.
• Transparency: See the exact amount being charged in your home currency.
• Favorable exchange rates: Avoid hidden fees and get competitive exchange rates.

For Businesses:

• Attract international customers: Offer a convenient payment option for foreign visitors.
• Faster settlements: Receive payments instantly without delays.
• Reduced costs: Eliminate cash handling fees and potential for fraud.

Understanding Cross-Border QR Payments

Cross-Border QR Payments leverage the convenience of QR code technology to facilitate instant international transactions. By simply scanning a QR code displayed by a business, customers can make payments in their local currency, which is then converted and transferred to the merchant's account. This process is secure, fast, and transparent.

What are Cross-Border QR Payments?

Imagine shopping in Thailand without the hassle of currency exchange or receiving payments from customers in Vietnam instantly. Cross-border QR Payments make these scenarios a reality. They leverage existing QR code technology to facilitate instant international transactions, eliminating the need for complex bank transfers or carrying large amounts of cash.

How Does it Work?

Here's a simplified breakdown of the process:

1. Merchant displays QR code:

   Businesses in participating regions will have a special QR code linked to their local payment network (e.g., DuitNow QR in Malaysia, PayNow in Singapore).

2. Customer scans with mobile app:

   Customers who travel to Southeast Asia can use their existing mobile banking app to scan the QR code.

3. Enter payment amount:

   Buyers confirm the payment amount in their local currency.

4. Instant transaction:

   Funds are transferred securely and credited to the merchant's account instantly.

Cross-Border Payment Coverage

We are proud to offer our services in several key Asian markets. Our extensive network enables seamless cross-border payments within these regions.

Revolutionize Your Business

Cross-Border QR Payments are a game-changer for businesses and consumers alike. By eliminating barriers to international trade, this technology fosters economic growth and enhances customer satisfaction.

Ready to tap into new markets and streamline your payments? Join the Cross-Border QR Payments revolution today! Contact [email protected] or sign up instantly at booster.fiuu.com.