Draft:Pay-By-Link
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Pay-by-link also called Payment links are URLs created by businesses to facilitate remote, secure online transactions. They can be shared with the customers via SMS, messaging apps, email, and customer care chat.[1] Payment links can also be embedded in QR codes,[2] which can then be displayed in-store or shared on printed materials like invoices. When a customer clicks a pay-by-link, they are sent to a payment page, where they can complete the payments using a preferred payment method, such as a credit or debit card, bank transfer, or digital wallet. Pay-by-links are popular among small businesses, freelancers, and online sellers for their simplicity and adaptability, particularly for transactions outside of traditional e-commerce websites.
History
[edit]The concept of pay-by-link links emerged as an innovation in digital payments during the early 2010s, driven by the rise of e-commerce and the increasing use of mobile banking. In 2012, companies like Stripe and PayPal developed systems that allowed businesses to generate unique URLs for customers to make payments easily, without needing a traditional point-of-sale (POS) terminal. By the mid-2010s, the adoption of smartphones and the popularity of messaging apps further accelerated the use of pay-by-links. Companies like Square introduced features that allowed for in-person transactions to be completed through QR codes embedded with pay-by-links. In 2016, platforms such as Razorpay and Paytm in India integrated pay-by-links into their offerings, simplifying digital payments for emerging markets.
How Pay-by-link Work
[edit]Creating and using pay-by-link typically involves the following steps
- Link Creation: The business generates a unique link through a payment service provider's platform, often specifying an amount and description.
- Link Sharing: Once the pay-by-link is generated, it needs to be shared with the customer via SMS, email, or other messaging platforms.
- Customer Payment: When customers click the pay-by-link, they will be redirected to a secure payment page where they can complete the transaction.
- Confirmation: Upon successful payment, both the customer and the business receive a confirmation.[3]
Applications
[edit]Pay-by-links are used across diverse sectors
- Freelancers and Small Businesses: Enable remote payments without needing a complex e-commerce system.
- Social Media Sales: Particularly helpful for businesses selling through platforms like Instagram or Facebook.
- Invoice Payments: Simplifies transactions by embedding links in digital invoices.
- Charitable Donations: Allows easy sharing of donation links on social media or through email campaigns.
References
[edit]- ^ Netto, Carlos. "Council Post: How A QR Code Payment Standard Can Fuel Instant Payment Adoption". Forbes. Retrieved 2024-11-13.
- ^ "QR Code | 2D, matrix & scanning | Britannica". www.britannica.com. 2024-11-03. Retrieved 2024-11-13.
- ^ "Payment Links | Easy to use pay by link in UAE - Abzer". Abzer Technology Solutions. Retrieved 2024-11-13.