QR-code payment.
In plain English
A QR-code payment uses a scannable square barcode to move money. You either scan a merchant's code to send a payment or show your own code for them to scan. The code carries the account or payment details, so no card reader is needed, which is why it is common for small vendors, peer-to-peer transfers, and overseas markets. It is convenient, but it is also a scam vector: fraudsters place fake codes over real ones or send codes that route money to themselves. Confirm who you are paying before you approve a QR-code transfer.
01Why it matters
QR-code payments are spreading fast and are a favorite tool of scammers, so knowing to verify the recipient before approving protects you from sending money to the wrong hands.
02The math, step by step
At a market stall you scan the vendor's QR code, your payment app opens showing the vendor's name and an amount, and you confirm. Checking that name before approving is what stops a swapped, fraudulent code from redirecting your money.
03What this is NOT
A QR-code payment is NOT the same as tap-to-pay. It works by scanning a barcode with your camera, not by holding your card or phone near a reader using near-field communication.
04Receipts
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