Why QR Code Restaurant Payments Are About to Skyrocket
Pandemic pressures continue to mount as the new Omicron variant spreads and restaurants must find a way to survive, once again. The Coalition of Independent Restaurants reported that bookings remain 47% below 2019 levels. While some restaurateurs may resist adopting QR codes and apps, they will need to consider the potential gains on the digital side to turn over more tables.
According to a study shared by the Global Banking and Financial Services Review, 55% of customers choose contactless payment as one of the top three factors influencing restaurant choice. Moreover, work continues to be another major concern for restaurants nationwide. The workforce is shrinking and employers need to be more nimble with staffing. The adoption of new technologies, such as contactless QR code payments, can expand the customer base and simultaneously create a lean service model to alleviate the pressures of understaffing.
If you’ve had the chance to enjoy culinary experiences abroad, you probably remember that the The United States was behind Europe when using tabletop credit card readers before the pandemic. While some establishments have started to deploy them, many have kept readers physically linked to their point-of-sale systems. Either way, paying the check remains an intensive activity for servers in the vast majority of full-service restaurants.
Plus, contactless payments are just spotty when it comes to dining in. Where they exist, customers are usually prompted to install an app. What mobile payments and QR code need to come together. A global pandemic and mobile operating system improvements have converged and made this possible.
US industries are rapidly moving towards standardization and various initiatives, such as Financial Data Exchange, supporting the secure transmission of account data to a third-party service provider. As customers become more open to sharing their data, technology is likely to support these necessary advances towards open banking.
Today, it is widely accepted that the QR code is here to stay. the growing popularity of mobile payments in Chinacombined with the promise of emerging technologies, like AR, led Apple and Google to integrate native camera-based QR code reading into their mobile operating system releases starting in late 2017.
Electronic menus were a natural evolution of restaurant growth. Menus can now be updated in real time as items are sold out or replaced. Plus, diners are happy to wield their phone camera at the table, given how easily web menus appear for viewing. The wide acceptance of QR code-based menus has allowed them to find their way into the hospitality industry, where hotels have replaced paper brochures in rooms with QR code-based activity schedules, spa menus and hotel information. The hype around the QR code is back, and many are predicting it conduct AR experiences and other emerging usage patterns.
Consider the fact that most restaurant customers spend 15 minutes waiting for their check to be paid. Consider that this could be done in seconds, using a simple QR code: the same technology the customer already uses to see the menu of the day. What if diners sharing a meal could split their bills and pay without handing a stack of credit cards to their server? With the ongoing labor shortage in the hospitality industry, there’s never been a greater need to free up valuable time, allowing servers to focus on the dining experience, not the paid experience. .
What we can say for sure is that QR code and contactless payments in restaurants are about to skyrocket. A leading fintech and payments research companyfor example, estimated that around 53% of all point-of-sale transactions will be contactless by 2023. And self-checkout expectations are on the rise according to a PYMNTS study.
Predicting what will happen in 2022 is difficult; However, placing a bet on QR-based restaurant payments is not just a winning position, but a key part of the future success of the contactless restaurant industry.
To keep pushing your industry solution forward, collect feedback from the users you support. Get to know your guests and allow them to weigh in on your model. We’re doing our best to maintain a 1:1 interaction with our fellow restaurateurs, allowing these key operators to weigh in on their revised service models and what needs to be “86’d”. The ability to correct course in a timely manner always helps us steer our business in the right direction. Remember: be empathetic for a collective good. Ultimately, we cannot succeed without teamwork and collaboration.
Christine de Wendel, Co-founder and CEO US, sunday app