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OLB Group is the latest processor to support Quick Response codes as merchants look for ways to adopt contactless-payment options in the wake of the ongoing Covid-19 pandemic. OLB will support dynamic QR codes, which are generated in real time for each transaction, on its cloud-based OmniSoft business-management platform and its SecurePay gateway. One advantage of dynamic QR codes versus static codes is that they can track such data as the number of scans, the location where the code was scanned, and the time of the scan.
OLB plans to initially target small and mobile merchants, such as tradesmen, with the service. Enabling tradesmen to accept QR codes eliminates the need for a mobile POS terminal, as they can scan the QR code with their phone. Merchants can accept payment for QR code-based transactions using a variety of options, including Apple Pay, Google Pay, cryptocurrency, and other digital-payment options.
“QR codes are a way for these types of merchants to accept payment from anyone, anywhere, using their phone,” says OLB chief executive Ronny Yakov.
OLB’s decision to support QR codes is being driven by merchant and consumer demand for contactless payment options.
“Contactless transactions have become increasingly popular with consumers and merchants alike during the pandemic,” Yakov says. “This solution provides the safe and secure experience that consumers demand, while giving merchants a cost-effective vehicle to satisfy a growing demand.”
OLB has been steadily expanding the payment options available through its gateway since the beginning of the year. In March, the company announced it would enable payment acceptance through social-media apps, such as Facebook, Instagram, Twitter, WhatsApp, TikTok and Skype, without requiring consumers to leave the app. In February, OLB announced support for cryptocurrency payments.
Looking ahead, OLB plans to continue adding more payment options, such as support for PayPal wallets, to its gateway.
“One of our primary goals is to deliver timely and relevant features that will enable merchants to satisfy customer preferences and maintain a competitive edge,” Yakov says.
