Bank QR Code Payments: Instant, Reliable, Secure

These days, we like things done digitally – take-away orders, restaurant bookings, transport tickets, beauty appointments. There’s an app for just about everything. And we really like things to be quick and convenient.

Paying for goods and services is no different. The efficiency of contactless payments, either with card or digital wallets, is enjoyed by over 85% or the UK population. But these are still linked to the card networks – expensive for merchants, and slow for processing.

Bank QR code payments offer a revolutionary alternative, facilitating faster (often instant) processing times, versatility and ultimate convenience for businesses and customers.

What is a Bank Payment QR Code?

A bank payment QR code is a unique code that links directly to a bank account for secure, fast payments.  

After scanning the QR code with a smartphone camera, users can then authorise payments directly through their banking app, bypassing the need for cards or third-party apps. This ensures a seamless transaction experience for consumers and businesses alike.

How Does a Bank Payment QR Code Work?

To accept bank payments via QR code, businesses need to use a Payment Service Provider (PSP). A PSP enables businesses to accept electronic payments, acting as a bridge between merchants and the financial system for various payment methods like cards, digital wallets, and bank transfers. For bank payment QR codes, the PSP must be an open banking platform like Noda.

After scanning the QR code, customers are directed through a secure payment gateway where they can confirm the payment in their banking app. Open banking technology makes the process ultra-quick, efficient and secure, by connecting directly to the banks involved.

Benefits of Using QR Codes for Bank Payments

For both consumers and businesses, there are many benefits of using QR codes for bank payments:

• For Consumers: Bank QR code payments are significantly more secure than other methods, as they utilise bank level security, such as biometric authentication. Additionally, consumers scan, pay and go with just their smartphones – ideal for post-run juice purchases or grabbing a quick coffee for the morning dog-walk.
• For Businesses: Direct bank transaction QR codes don’t require any card terminals or hardware maintenance, plus faster fund transfers can help businesses improve cash flow and reduce reliance on slow card settlements.

Noda’s open banking payment services facilitates most transactions to happen instantly, or within a day for some European transactions.

Why Noda’s open banking QR code payments are better for business

Noda’s QR codes for bank payments work for businesses of every type. Whether you’re selling salmon at a farmers' market, a plumber on call for burst pipes, or operating a busy online store, our versatile QR codes will work for you.

They can be used for online web-check outs and shared digitally via SMS/email/chat, as well as offline (for UK customers) by displaying in-store, on QR code stands, on mobile/tablet screens and on printed materials.

• Low Cost: No costly card terminals, no hardware maintenance, no monthly fees and no expensive card network fees.
• Faster Funds: Enjoy instant to one-day bank transfers, directly from the customer’s account to yours, bypassing slow card-payment settlements.
• Ultra-Low Fixed Transaction Fees: Only £0.20 per transaction for UK businesses.
• Watertight Security: Advanced encryption and strong customer authentication (SCA) to protect sensitive financial information and reduce fraud. PSD2 compliant, FCA registered (UK).
• 24/7 Customer Support: With Noda, you have a dedicated manager who knows your business and understands your needs. We’re always here for you. 

Whether you’re a small retailer or large enterprise, Noda makes it easy to integrate QR code bank transfers for merchants of any size, streamlining your payment processing and offering consumers quick, contactless payment solutions.

How to generate a bank payment QR code

With Noda, you can create a QR code for bank payments in a matter of seconds. After you speak to the Noda team, we can have you on-boarded within a day. Then there’s just a few simple steps to get your bank QR code payments set up.

• Generate Your QR Code: Log in to your Noda dashboard, enter transaction details, and create a unique QR code.
• Display the QR Code: Print the QR code on invoices, share it digitally, or display it in-store (in-store QR codes available for UK businesses).
• Receive Payment: Customers scan the code, authorize the payment in their banking app, and the funds are transferred instantly to your account for UK merchants, or within a day elsewhere.

Start your instant bank payment QR codes today

Take advantage of Noda’s open banking technology and bring ultra-efficient and secure QR code bank payments to your business.

Benefit from instant transactions with minimal fees, while offering your customers a quick, effortless way to pay, using only their smartphones. Whether you're looking to enhance customer experience or optimise your business’s payment systems, Noda provides the ideal solution for QR code bank payments.

Speak to the Noda team today to see how we can help you grow your business with QR code payments. For UK businesses, you can speak to our dedicated team.