Future of Payments
May 8, 2025
QR code payments offer UK small businesses a fast, low-cost alternative to card terminals—boosting cash flow and meeting modern customer expectations.
In the ever-evolving landscape of payments, the most transformative innovations are often those that quietly solve real-world problems for businesses. QR code payments are a prime example of this. For small and mid-sized businesses across the UK, from independent barbershops to local letting agents, QR codes are providing a faster, simpler, and more cost-effective way to accept payments.
For years, small businesses have had little choice but to rely on card terminals — a solution that often comes with hidden fees, hardware costs, and delayed settlements. For a small business, waiting several days for card payments to clear can have a real impact on cash flow. Added to this are the ongoing maintenance costs of terminals and complex merchant agreements.
But as consumer expectations shift towards faster, cashless payments, small businesses need a solution that meets modern customer demands without adding complexity. This is where QR code payments, particularly those powered by open banking, come into play.
QR code payments are a lightweight, flexible alternative that fits seamlessly into any business setup. Merchants can accept payments without the need for a physical card terminal, simply by displaying a QR code. Customers scan the code using their phone, complete payment via their trusted banking app, and the funds are instantly settled.
The benefits are clear:
At Noda, we’ve seen firsthand how this technology transforms everyday businesses. One UK letting agency that we work with struggled with delayed and confusing deposit payments, often losing customers due to slow processing. By introducing QR code payments, they not only sped up transactions but also added a customer incentive, offering a gift voucher for those who paid via QR.
A small barbershop we support transitioned from using a traditional card reader to displaying a simple QR code at the counter. Customers loved the convenience, and the shop enjoyed instant payments without the hassle of card machine maintenance.
The true breakthrough behind QR payments is open banking. This technology allows direct, secure bank-to-bank payments, bypassing the costly card networks. For merchants, this means lower fees and faster settlements. For customers, it means a secure, familiar payment experience using their own banking app.
Final Thoughts In the world of payments, the best solutions are those that simply work, without adding complexity or hidden costs. For small businesses across the UK, QR codes represent a practical, efficient, and customer-friendly way to get paid.
As we look to the future, it’s clear that these simple solutions will play a growing role in helping merchants thrive in an increasingly digital world.
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