Chemist Warehouse will soon let customers pay via QR code, providing them with a link to pay directly using their bank details.
This is what you need to know about the move, which is expected to come into effect in early 2025.
Why is Chemist Warehouse introducing QR code payments?
It’s essentially a cost-saving measure. With cash payments declining and card use rising, businesses and customers face fees associated with processing those transactions.
“(It’s) a strategic move to avoid the high costs associated with card surcharges, which amount to millions annually,” RMIT finance expert Dr My Nguyen said.
“Chemist Warehouse aims to reduce its annual $15 million expenditure on card surcharges by adopting QR code payments, thereby lowering operational costs and potentially passing on savings to consumers.”
Are there any risks with QR code payments?
A reliance on internet connectivity means QR codes might not be a particularly reliable payment method in some areas, particularly rural and remote regions where coverage can be patchy.
While there are security benefits, Nguyen said there are still some drawbacks.
“There is a risk of scanning fraudulent QR codes, leading to unauthorised transactions,” she said.
Are QR code payments going to become more widespread?
Chemist Warehouse won’t be the the first business in Australia to adopt QR codes, nor is it likely to be the last.
“This move aligns with global trends where QR code payments are becoming increasingly popular, such as South-East Asia and India,” Nguyen said.
“As more businesses recognise these benefits, we can expect wider adoption of QR code payments in the retail sector.”
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