Keeping up with consumer payment trends and preferences is crucial for business owners. It eliminates friction at payment, thereby helping customers complete the transaction much quicker.

Among the many alternative payment methods that have been introduced, QR payments have gained popularity and is currently one of the top choices when customers today make payments. Although it’s widely used at physical locations, QR payments is a payment option that e-commerce brands should not overlook.

In this article, we’ll explore the advantages of accepting QR payments and explore how online brands can quickly integrate the service into their checkout.

How do QR codes work for online payments?

Quick Response (QR) code is a solution that simplifies online payment. It enables customers to pay for their purchase by scanning the provided QR code and confirming to complete the transaction online. This payment flow helps customers speed through the checkout process, bypassing the usual steps with other payment methods like switching between applications or punching in card numbers.

QR Payment options available in Malaysia

There’s a variety of QR payment options available in Malaysia. Here’s the list of top options to consider:

• DuitNow QR

• Boost

• Touch ‘n Go eWallet

• ShopeePay

• Maybank QR Payment

Should your online business accept QR payments?

In recent years, the use of QR codes has grown significantly in Malaysia. The volume of QR payments reached 849.9 million in 2020, a big increase from 5.4 million in 2018. This growth is due to the increasing popularity of mobile payments for e-commerce purchases and the government's support for QR payments.

In addition to the growing demand from consumers, businesses in Malaysia are also increasingly adopting QR payments. This is because it offers a convenient and secure way for customers to pay for both offline and online goods and services.

As a result, businesses that accept QR payments are well-positioned to tap into the growing market for mobile payments. If you're not already accepting QR payments, you may be missing out on a valuable opportunity to attract new customers and boost your sales.

If you focus on mobile commerce, check out tips on optimizing your mobile commerce journey.

The benefits of accepting QR payments

Minimize errors at checkout

Mistyping card information or security codes at checkout is more common than you may think. These lead to failed transactions, and loss opportunities for the brand. QR codes can minimize these errors by automatically embedding payment information within the code itself. This significantly diminishes payment errors caused by typos.

Decrease cart abandonment rate

As many as 18% of customers abandon their shopping carts due to the lengthy and complicated checkout process. QR payments can help reduce cart abandonment by streamlining the checkout process. With QR payments, customers can simply scan a code to complete their purchase. This significantly reduces the number of steps to complete the checkout, thereby lowering the rate of shopping cart abandonment.

Cater to customer preferences

QR payments are a convenient and secure way to pay, and they have gained popularity over the years. Accepting QR payments from well-known providers like Touch ‘n Go, DuitNow, or Maybank offers a familiar user interface that customers are comfortable with to make transactions. This is one way your brand can become more customer-centric; ensuring a user-friendly experience that can further strengthen loyalty.

Checkout is the bottleneck of the entire customer journey, your customers are likely to abandon their shopping cart if they do not find a payment option they are familiar with. This could cost you sales.

How online businesses can start accepting QR Payments

One way to start accepting QR payments is to directly contact each provider (DuitNow, Touch ‘n Go, GrabPay, among others) one by one. But with the many players available in Malaysia, this is guaranteed to be both complex and time-consuming. It’s not recommended.

A more efficient route which is also preferred by most businesses is to connect with a payment gateway. By partnering with a payment gateway, merchants can accept QR payments from multiple providers by integrating with a single partner.

If you’re new to payments, you can check out our ultimate guide to payment gateways for businesses in Malaysia.

Opn Payments is trusted by more than 22,000 brands worldwide. In addition to card processing, Opn Payments offers all the popular alternative payment methods including QR payments. The service is straightforward to integrate into custom-built websites, mobile applications, or websites built on popular platforms like WooCommerce, Shopify and Magento.

Add QR payments to your checkout by partnering with Opn Payments payment gateway:

1. Create an account with Opn Payments: Sign up for a free account. You will get access to the test dashboard, here you will be able to access all payment solutions, including QR payments.

2. Active the live account: Submit the required document via Opn’s dashboard for identity and business verification

3. Test and launch: While the Opn team reviews your application documents, you can test out your integration in parallel. This is to ensure that payment flows are operating smoothly as planned.

4. Go live: Once ready to go live, you can start accepting QR payments from your customers.. Opn Payments supports all popular QR payment methods available in Malaysia, enabling businesses to have all options of QR codes for customers.

Opn Payments have got an office in Kuala Lumpur with a local sales and support team ready to assist you with solution design and implementation. Contact us today!