Do you prefer to pay by scanning QR codes? I find them confusing and inconvenient. There are so many different codes and apps that are not compatible with each other. Cash is much easier and faster for small purchases. For larger ones, debit or credit cards are more secure and convenient.

According to the MAS website, only a few Asian countries are using QR codes for small payments and they are expanding it for cross-border payments in the future. If you notice, tourists or residents never have any issues with cash or cards for years. In fact, it isn’t chio to make small payments by scanning QR codes. People used to flash their American express or gold visa card.

We already have Visa or Mastercard debit cards like YouTrip or iChange, so why do we need to complicate our lives with so many codes? Worst of all, when your mobile device runs out of battery or there is no network coverage. Worst of all, if you lose your handphone, good luck to your bank account that is linked to such payment apps.

QR codes are not high-tech, but rather a step backwards. They make simple and straightforward payments more complex and cumbersome. One of the issues with QR codes is security. There is no way to authenticate and verify information without scanning them. A fake QR code is not technically fake, but rather a real QR code placed somewhere it does not belong with the intention of deceiving people into giving away their money or personal information.

There were real cases of consumers paying 10 times more the amount without knowing it until the merchant try to locate the customer through the bank. A plate of chicken rice which was $4.50 would end up as $45.00 or even $450.00.

With cross border payments, funds can be siphoned out in minutes through the scanning of QR code. This is definitely a huge security risk.

What are your thoughts?

By Harry