One of the best and most innovative uses for QR codes has to be the ability to send money with a smartphone via a QR code.Finding convenient ways to send money between recipients has been a problem that numerous companies have sought to solve over recent years. Solving the perennial problem of lacking sufficient cash to pay for a round of drinks or to cover a share of a meal with friends, there have been several innovative solutions over recent years which enable individuals to transmit money electronically to another person thanks to the power of the internet.
One of those innovative methods is the use of a QR code to achieve this purpose.
So, how does it work? Here, we take a closer look at the apps you need and what you need to do to achieve your goal of sending money to a friend, family member or colleague with the power of a QR code.
With QR codes rapidly becoming the latest thing, their possible uses are expanding beyond anyone’s expectations. While originally, they were developed for tracking automotive parts during manufacturing, today they have spread to many other locations.
There are now some apps out there which are capable of generating QR codes. These can then be scanned by a sender in order to transfer funds from their bank account to that of the intended recipient. If you think of the QR code as an invoice, it is created by the recipient, asking the sender for the specified sum of money. The payer then scans the generated QR code, thus paying the invoice. Even better, you don’t even need to be anywhere near each other to transfer funds, so you can easily transmit money to someone on the other side of the world.
There are currently two apps which you can use to achieve this – OCBC Pay Anyone and DBS PayLah. While both are equally effective at transferring money using a QR code, remember that they are not cross-compatible, so you need to choose whether you’re going to use PayLah or Pay Anyone. There’s no need for you to have a POSB or a DBS account in order to use the PayLah app – you can simply use any bank account that offers FAST. However, if you choose Pay Anyone you will need to have an OCBC account. This may affect your decision.
If you want to request funds with DBS PayLah, all you need to do is to click the icon for QR Code on the Home Page (you’ll find it on the top right). You then click “Show My Code”. Enter the amount you want to request, and a QR code will be automatically generated. This can then be sent to the payer, so they can activate the fun transfer. If you want to send funds with PayLah, you need to click the QR icon then scan the QR code sent by the recipient.
The beauty of the system is that you can be anywhere in the world and need not be anywhere near each other. The QR code can be sent as an image that is then uploaded onto the app via the smartphone, so a transfer can be authorised.
When you use the DBS PayLah app, the funds will be taken from your own mobile wallet. You can set your mobile wallet to top up automatically, and this will deduct the necessary amount from the bank account that you have linked to the mobile wallet whenever funds begin to run low.
If you are receiving funds, the money goes directly into your mobile wallet. If your PayLah wallet limit has been set to zero, however, your funds will go directly into your bank account.
When using the OCBC Pay Anyone app, the funds will be taken from the bank account linked to the app.
Want to learn more about QR Codes? See how they are used in marketing campaigns.