Traveling internationally comes with one universal headache: dealing with currency exchanges. Whether it’s standing in long lines or paying exorbitant transaction fees, the old way of handling international payments is time-consuming and costly. However, cross-border QR Codes are changing the way we shop and conduct business across borders.
With a simple scan of a QR Code, customers can instantly pay in their local currency—no hidden fees or frustrating delays. This innovative solution is already transforming payments in countries like Singapore and Thailand, and it’s only a matter of time before it becomes a global standard.
Here’s a look at how cross-border QR Codes make international transactions faster, easier, and more efficient for customers and businesses alike.
Note: The brands and examples discussed below were found during our online research for this article.
What are cross-border QR Codes?
There’s a good chance that you’re already familiar with QR Codes—those small, square barcodes that let you share links and other digital information with a quick smartphone scan. While there are plenty of QR Code use cases, one of the most popular is facilitating digital payments.
Cross-border QR Codes take this technology further by allowing customers to make payments in different currencies that may not be accepted locally. With a cross-border QR Code system, international customers scan a code at checkout, which directs them to a secure website, app, or e-wallet where they can enter payment details and select their preferred currency.
The payment is processed through an intermediary, such as a local bank or fintech service provider. Once processed and approved, the funds are transferred to the retailer in the currency of their choice. While the exact steps may vary depending on the location and system in use, this process is typically fast and efficient, often completed in under a minute. This benefits both customers and retailers, making international transactions smoother than ever.
How cross-border QR Codes make international transactions better
Today, many countries encourage the use of cross-border QR Codes to facilitate economic growth and remove barriers to international commerce. This is particularly important in regions where people frequently travel across borders for work, education, and social purposes. While 58% of travelers worldwide still rely on cash when visiting other countries, QR Codes offer a safer, faster, and more efficient alternative.
In Singapore and Thailand, QR Code payments and mobile banking have already become the norm. Now, these countries are working together to expand cross-border QR Code payments. As part of the ASEAN Connectivity Initiative, the Bank of Thailand has developed a system that facilitates international payments throughout Southeast Asia. This includes the integration of Thailand’s PromptPay and Singapore’s PayNow, both of which are well-established payment systems in their respective countries.
The success of cross-border QR Codes in this region suggests that the trend will continue to spread globally. This innovative technology simplifies international payment processing, making it faster and more efficient for businesses and travelers alike.
5 key benefits of cross-border QR Codes for global payments
Implementing a cross-border QR Code payment system can give your business a competitive edge in today’s global market. By offering seamless, secure payments to international customers, you create a positive experience that builds trust and loyalty.
Here are five key reasons why integrating this payment system into your business can drive growth and set you apart from the competition.
1. Simplified payment processes
Cross-border QR Codes simplify the once-complicated process of international payments for retailers and customers. In the past, options for global payments were often limited to clunky wire transfers or international credit cards with hefty fees.
Implementing these codes makes the process more straightforward. As a retailer, all you have to do is sign up with a payment services provider that supports transactions in multiple currencies. Once your account is set up, you can display the payment QR Code prominently at your register, and the payment processing app will take care of the rest. Once scanned, the app can open a payment screen via URL, giving customers easy access to pay using their preferred currency.
Cross-border QR Codes also eliminate the guesswork for customers. Many are already familiar with how to scan QR Codes, especially after their widespread use during the COVID-19 pandemic. The process of scanning and entering payment information is simple and intuitive, allowing customers to complete their transactions with ease.
2. Faster transactions and reduced processing times
QR Code payment systems are designed for speed. Customers can complete their purchases in seconds, ensuring a seamless experience. Since nearly 80% of consumers are interested in fast payment methods, implementing speedy QR Code-powered transactions can help keep them satisfied.
Unlike international wire transfers, which can take days, QR Code payments can be almost instantaneous, depending on payment type. For retailers, this means faster access to revenue without the frustrating delays associated with traditional transfer methods.
3. Increased customer satisfaction
By offering cutting-edge cross-border payment options, you show customers that your business is forward-thinking and committed to providing the most convenient shopping experience possible. This technology doesn’t just make payments easier—it reassures international customers that you’re equipped to meet their needs, no matter where they’re from.
Additionally, cross-border QR Codes can help you attract more foot traffic to your store, potentially leading to an increase in revenue. Offering cashless, global payment options sets you apart from competitors, positioning your business as the preferred choice for travelers visiting from other countries.
4. Cost savings for businesses
Joining a cross-border payment network is a cost-effective way to accept international payments. Exact transaction fees will vary depending on which platform you use, but they tend to be relatively low compared to other global payment methods. For example, banks have an average international fee of 11.69%, while money transfer platforms have average fees of 5.39%.
With payment processing handled by a financial services intermediary, you also save on currency conversion fees—eliminating the need for manual currency exchanges and their associated costs. This makes cross-border QR Codes an efficient solution for businesses looking to handle international transactions without added complexity or high fees.
5. Improved transaction transparency
Cross-border QR Codes integrate seamlessly with other financial management tools, giving you a clearer view of your international transactions. Popular fintech platforms like PayPal and Stripe now offer cross-border payments, allowing these systems to work effortlessly alongside your existing tools. This integration provides greater transparency when reviewing financial statements, helping you quickly identify and reconcile any transaction or currency exchange fee.
Additionally, when a customer makes a purchase in a foreign currency, the payment is automatically converted to your home currency. This eliminates the need for manual currency conversions, further simplifying your financial processes and ensuring accurate, real-time insights.
How to implement cross-border QR Codes for your business
With so many benefits for both business owners and customers, adopting international payment solutions is a smart move if you have a global customer base. Here’s how to get started with cross-border QR Codes for your business.
Choose a reliable cross-border QR payment provider
The first step is to select a payment provider that offers fast, efficient international payment processing. Your options will vary based on your location and the currencies you plan to accept.
Start by consulting your local financial institutions to explore the global payment solutions they offer. For instance, many central banks in Asia have developed federal systems to facilitate cross-border transactions with neighboring countries. Local businesses can register directly with these banks to set up cross-border QR Code payments.
In addition to banking options, privately run fintech platforms also facilitate international transactions. Alipay allows international visitors to make payments in China using their home bank accounts and credit cards.
When choosing a provider, consider which currencies are most relevant to your business. If you’re operating near the U.S.-Canada border, for instance, you’ll want a provider that supports both U.S. and Canadian dollars.
It’s also crucial to consider the payment methods your customers prefer. For example, 53% of Americans use digital wallets like Apple Pay, Google Pay, and PayPal, so if you’re serving this audience, make sure your provider supports these payment options.
Ensure compatibility with local payment systems
Cross-border codes play a key role in promoting financial inclusion by making payments more accessible to customers, regardless of their location or currency. By ensuring your payment provider and quick response codes are compatible with local payment systems, you can offer seamless transactions to a wider audience.
It’s important to check which international payment systems are used in your country or region. Many countries rely on the SWIFT system, while others have their own international networks, like Fedwire in the U.S., CHAPS in the UK, or CIPS in China. Understanding the exchange rates that come with these systems can also help you manage any currency conversions more effectively.
Aligning your cross-border QR Codes with your local financial ecosystem is essential. This compatibility helps prevent frustrating delays or errors, making transactions smoother for both your business and your customers.
Optimize your QR Codes for different regions
Once you’ve decided on a payment system, it’s time to learn how to create free Dynamic QR Codes for your customers to use. To ensure customers feel confident using your codes, customize them to their region. For instance, clear currency symbols can be added to show which currencies are accepted, or instructions can be displayed in the local language to make the process intuitive for international users.
QR Code security is key here, as customers will be sharing secure financial information. Make sure your Dynamic QR Codes are encrypted and linked to secure payment portals to protect customer data.
Bitly offers extensive QR Code customization features, allowing you to easily add regional details such as currency symbols and language preferences. You can also customize color schemes and add logos to maintain consistent branding while ensuring a seamless payment experience across borders.
Track cross-border QR Code performance with Bitly
Once you’ve set up your cross-border QR Codes, Bitly Analytics offers powerful tools to help you monitor their performance and gain valuable insights into your local payment landscape. With real-time tracking, you can see precisely when and where customers are scanning your QR Codes, allowing you to better understand customer behavior and preferences.
Bitly also provides detailed reports on the devices and operating systems customers use for scans, helping you optimize for different platforms. If your business operates in multiple regions, you can track scan activity by location, identifying trends and hotspots for cross-border payments. This data can reveal which regions are driving the most engagement, enabling you to focus your marketing efforts on the areas with the greatest potential.
With these actionable insights, you can continuously refine your international payment strategy—adjusting your codes or marketing tactics to meet the needs of your global community.
Drive global growth and simplify international transactions with cross-border QR Codes
Cross-border QR Codes make it easy for customers from different countries to make payments, regardless of the currency they use. By embracing this technology, you can help attract customers from around the world while ensuring that their transactions are smooth and convenient.
With Bitly, creating branded, secure QR Codes is simple. Customize your code’s design and color scheme to match your brand identity, ensuring a cohesive experience across physical and digital touchpoints. Bitly Analytics empowers you to track code engagement behavior and gain deeper insights into your customers’ behavior. Best of all, learning how to make a QR Code using Bitly takes just a few minutes, so you can start leveraging these cross-border payment tools right away.
Go global with Bitly’s powerful QR Code solutions! Sign up today to create branded, secure QR Codes that connect you to customers worldwide.
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