Will QR Codes Replace Credit Cards?

Dora L here with some more tips and tricks to getting more money into your pocket and out of the reach of the taxman and the banks.

All across Asia right now, QR codes are used on the Internet, at restaurants, and even vending machines. Here in America, it is almost impossible to write a check anymore. The world is shifting into electronic money quicker with each passing day. But, let’s look at the potential risks and benefits of switching to QR codes rather than using those fancy radio chips that Microsoft, Apple, and all the rest want to put inside your smartphone.

The way the system works in Asia is that you have an app loaded onto your cell phone that links to your debit card account. You then scan the QR code and it loads itself into your smartphones I do not claim to understand all the high-tech gobbledygook that goes behind all this. However, one of my exchange students showed me how it worked and you’d be amazed at the versatility and variety of products and services available with a touch of your finger.

The young people today are buying clothes, shoes, and anything you can possibly imagine on Amazon and Tao Bao. This has opened up one of the most lucrative and largest demographics on the planet with almost 300 to 500 million shoppers who don’t want the inconvenience of carrying cash or credit. I have seen test runs here in the States and it could be the next generation of shopping simplicity that you’ve ever seen. Fraud seems almost nonexistent and millions of college students every day receive a seemingly endless supply of boxes, envelopes, and packages.

The utter convenience of this is truly astounding if you think about. Your smartphone opens an entire universe of products, services, and food. A recent trip George and I had to Shanghai and Singapore show just how prevailing this is. We had to get a new smartphone and have with the help of our tour guide and one of George’s exchange students were able to shop in almost all the stores and even small mom-and-pop shops had stickers up with their QR code on it.

This means almost any smartphone does not have to have a special chip that could become obsolete with the next release of the cell phone. The only difficulty I saw was the fact that after a while, you have a plethora of different restaurants, major and minor stores, and not to mention the fifty-something restaurants we collected inside our cell phone.

The exchange student, who must have been a kung fu master, was able to flash through hundreds of different selections to find us how to buy a burger, Coke, and fries at McDonald’s. This greatly simplified our travels and we could keep up on our expenditures on a daily basis. It seems the Asians have leapfrogged over Apple and their ApplePay. This is by the way in almost all their banks as well so they are ahead of America with implementing Apple’s e-money system as well.

America needs to adapt to the world or it may be left in the dust.

Dora L here signing off as George wants to go out shopping. I do not want to miss this, as it’s a rare occasion.