Receipt, Please! Paying For Dinner With QR Code-Reading Smartphones

As part of its new mobile payments pilot program, Bank of America is testing QR codes on receipts. Tipping may never be the same.

Bank of America is trying to carve out a slice of the $171 billion global payments market with a new technology that would allow you to pay at a store by scanning a QR code on your smartphone, Reuters reports.

The technology, provided by payments startup Paydiant, is currently in pilot mode among employees at the bank's Charlotte, North Carolina, headquarters. Among other places, BofA is testing the new system at a restaurant, where QR codes are printed on receipts so customers can pay and leave at their leisure, Paydiant cofounder Chris Gardner tells Reuters.

It's a highly appealing concept that could apply to hotels, bars, or anywhere else that currently requires you to interact with service providers, such as waitstaff, to complete a simple transaction. Secure QR-based mobile payments could also help reduce the amount of credit card skimming that accounts for $1 billion lost annually, which is a possible reason a mobile system would appeal to an unlikely innovator in Big Banking such as BofA.

This isn't the first time BofA has done a mobile payments pilot run: In 2010, the bank partnered with Visa to test smartphones equipped with radio chips that users could wave near a store's point-of-sale device.

[Image: Flickr user adam & lucy]

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  • Alice Gonçalves

    This is a great article. I own a restaurant in Portugal and I've just found something related to the use of QR Codes... and it takes it to a all new level. Now people at my restaurant place orders, reading the QR Codes I placed on tables, using their smartphones or ipads. we are not many, just me and two more employees and as soon as they place the order on their smartphone we receive it in the kitchen. We don't even need to go to the table to receive orders. It is called airmenu I guess. I needed to hire someone new until I found this solution...and it is simple to work with!

  • Kingston University

    Still you should be kind to those working hard for a living.  The Schaeffler Company is particularly appreciative of their workers and make sure that jobs are secure for their workers in many countries.