As cashless transactions gain popularity, the use of QR (Quick Response) codes for payments has also increased significantly.
In particular, within Bangladesh’s mobile financial services (MFS), transactions such as payments, cash-out, and even send money are now being conducted by scanning QR codes with a smartphone camera.
Many banks and financial institutions have integrated QR code–based payment options into their applications. For example, City Bank has launched CityPay, BRAC Bank has introduced Astha Pay, while Mutual Trust Bank, Eastern Bank, and many others have also added this method to their digital banking apps. In addition, fintech companies are offering a “single QR, multiple payment” feature that enables customers to access different payment options through just one QR code. Another popular platform for QR code payments is Bangla QR. Bangla QR is a unified QR payment system, meaning that by scanning a Bangla QR code, customers can easily pay using their preferred digital payment service. As a result, both merchants and customers can use one platform to receive or make payments.
In short, mobile banking, e-wallets, and banking apps have made this technology very common today. However, an important question remains—how safe is it to pay with a QR code?
How does QR Code Payment Work?
Let’s first understand how QR code payment works. A QR code is a type of two-dimensional barcode that stores information in an encrypted format. In payments, a customer scans the QR code with a smartphone camera and transfers the specified amount of money.
Generally, there are two types of QR code payments:
▣ Static QR Code: The same code is used repeatedly to accept multiple payments.
▣ Dynamic QR Code: A unique code is generated for each transaction with the exact payment amount set. This is also called a system-generated QR code.
How Secure Is QR Code Payment?
QR code payments are generally secure, but some risks still exist. With proper awareness and by using safe transaction methods, these risks can be reduced. Key security features include:
▣ Encryption: Most modern mobile apps encrypt data, preventing third parties from easily reading it.
▣ Two-Factor Authentication (2FA): Many banks and e-wallets require OTP or PIN verification for QR code transactions.
▣ Tokenization: Instead of transmitting the actual card or bank account number, a token is used. This reduces the risk of data leaks while keeping account details confidential.
▣ Notification System: Each transaction triggers a mobile notification, helping customers quickly identify suspicious activity. However, to ensure financial security, you should never hand over your personal device to others.
What Is SEFL (Secure Electronic Fund Transfer)?
SEFL is an important term in digital payments, though not everyone may be familiar with it. Secure Electronic Fund Transfer (SEFL) is a security framework that protects electronic payments through data encryption, authentication, authorization, and transaction monitoring.
The key objectives of SEFL are:
1. Building a trusted relationship between customers and merchants.
2. Preventing data theft or man-in-the-middle (MITM) attacks during transactions.
3. Verifying and logging every transaction to allow later investigation if necessary.
4. Ensuring that QR code payment systems following SEFL guidelines are comparatively more secure.
How to Stay Safe While Using QR Code Payments
▣ Use only trusted apps: Avoid scanning with third-party or unknown apps. Stick to apps from banks, e-wallets, or reputable fintech companies.
▣ Verify the merchant: Don't scan a QR code just because it belongs to a financial institution. Confirm that the merchant is genuine. Scammers sometimes place fake QR codes that lead users to fraudulent links. Clicking such links may install malware, giving attackers unauthorized access to your device. Always verify before scanning.
▣ Check the QR code: Avoid scanning unfamiliar or suspicious codes.
▣ Confirm the transaction: Before finalizing payment, double-check the recipient’s name and the transaction amount. If redirected to a suspicious page, exit immediately.
▣ Enable security settings: Always keep Two-Factor Authentication (2FA) enabled. Activate any additional security features available.
▣ Keep apps updated: Regularly update your bank and wallet apps to receive the latest security features. Keep your operating system’s security patches updated as well.
▣ Be mindful while scanning: Always scan QR codes in well-lit conditions and hold your phone straight toward the code for accurate capture. Poor lighting or angled scanning may cause failed transactions or incorrect data reads. For accuracy and safety, ensure the code is scanned clearly and properly.
So, QR code payments can be safe if you remain cautious and use the right technology. By following SEFL-based security frameworks, the risks become even lower. Along with enjoying the convenience of technology, practicing proper vigilance is essential.