Pay with your phone
Thursday, April 30, 2015
PayQR - free banking application for mobile phones that allows paying for purchases from bank cards through QR-codes scanning. QR-codes are placed on any paper and electronic media in retails stores, restaurants and e-shops. To make payment with PayQR the buyer only need to open the application and point phone’s camera at a special QR-code. The only thing left is to choose the bank card on the phone duiplay and confirm transaction. If required, the buyer may provide a store with additional information for the order delivery – for example, name, telephone and address. PayQR allows shortening time for purchase by 60 times as well as essentially simplifies purchase processes and increases its security level. Barriers for development of wire payment in Russia connected with fraud, by virtue of essentially other level of bank card details security are vanished (card details shall not be filled at web-sites, cards shall not be given to cashiers and waiters). E-shops increase conversion to successful purchase by 30% at the account of conversion pipeline, dunning systems of "left baskets" and increasing in payment activity of the buyers. The retail stores reduce queues by 6% and HoReCa releases waiter from participation in settlement that allows saving 20 min of the visitor’s time and allows waiters serving better and more other tables. Any electronic or paper media bearing QR-code are turned into trading platform that opens new growth resources for business (adverts in magazines, lifts and underground, street stands and billboards, displays and televisions, etc.). PayQR startup was raised required investment volume in the amount of $1.5M according to the company estimates at that time in $10M in autumn 2014 at crisis time and was awarded a status of participant of Technology and Innovation Center "Skolkovo". PayQR owns several patents for technology, project codes are registered with Russian Federal Institute for Financial Property and deposited in the Library of USA Congress. All used advanced solutions of the projects are certified under safety international standards PCI DSS. Payment service PayQR was the first to implement purchase payment through QR-codes in Russia and currently is a leader in this sphere. Mission of PayQR project is to make mobile phones the most wide-spread payment instrument. Also PayQR actively experimenting with NFC and BLE technologies.