Okuzeka
Finance & Banking vocabulary · Fintech & Digital Banking

QR code payment

Meaning in finance & banking, with examples

nounCommon term

In finance & banking, QR code payment means: A way of paying in which the payer scans a QR code with a banking or wallet app, or shows a code to be scanned, and confirms the payment on the phone.

In Turkish: karekod ile ödeme, karekodlu ödeme

How it is used

Used in retail payments, fintech and ATMs. Customers scan to pay in shops, pay bills or take cash from ATMs without a card. Merchants like it because no card terminal is needed. In Türkiye the central bank has set a common standard, TR Karekod, so that codes work across banks and payment institutions.

Example sentences

  1. More small shops now accept QR code payments at the till.

  2. QR code payments let customers pay straight from their account without sharing card details.

Common collocations

  • scan to pay
  • QR code payment
  • QR code withdrawal
  • dynamic QR code
  • mobile bankingUsing a bank's app on a smartphone or tablet to check balances, make payments, transfer money and use other services.
  • instant paymentAn electronic transfer that reaches the recipient's account within seconds, at any time of day, on every day of the year.
  • digital walletAn app or online service that stores payment cards or money so that you can pay with a phone, watch or computer.
  • contactless paymentPaying by holding a card, phone or watch near a card reader, without inserting the card or, for small amounts, entering a PIN.
  • ATMShort for automated teller machine: a machine where customers use a card or phone to withdraw or deposit cash and do other banking without staff.

More terms: Fintech & Digital Banking

Practise with graded reading

Reading at the right level is the fastest way to make new words stick. Pick free English books by level:

This page explains English vocabulary for learners. It is not financial advice.