Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. K3 Business Technology Group plc
  6. News
  7. Summary
    KBT   GB00B00P6061


SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Quick Response is the Right Response: Why QR codes are the future of hospitality

03/17/2021 | 08:28am EST

As many businesses worldwide are faced with the task of providing cashless payment options, QR codes represent a great opportunity for companies to provide a frictionless customer journey.   

The technology has gained so much traction in recent years as global behemoths like PayPal have started using it.  

Last year, the payments provider rolled out a new feature in its mobile app. The move enabled users to pay at restaurants, shops and farmers' markets simply by scanning a QR code with their smartphone cameras.  

'Covid-19 has changed the shopping experience in the UK as we know it,' said Lisa Scott, Senior Director at PayPal.

'The need for security and convenience is there, as always, but we now need to be able to sell and buy in a way that is quick, safe and involves limited social contact.

'Digital payments, and this QR code functionality, provides people and small businesses in the UK with the means to pay and get paid during the crisis and hopefully thrive in the future.'

The re-emergence of QR codes 

QR codes - which is shorthand for 'quick response' - represent a new path forward for hospitality companies who want to provide a seamless customer experience while also reducing human touchpoints.  

The technology itself is not a recent innovation. In fact, QR codes were first introduced by Japan in the 1990s but have made a remarkable comeback in recent years.  

Since Apple changed the game in 2017, now, almost all smartphones (Androids included) possess QR code functionality.   

The technology is essentially scannable information that redirects users to a specific web page or PDF document.  

The benefit of which allows businesses to reduce paper waste while increasing customer engagement and satisfaction through interactivity and a reduction in human contact.  

80% of smartphone users have scanned a QR code  

The technology has become so popular that now approximately  80% of smartphone users say they have scanned a QR code at least once. 

More than half of all respondents expect to use the technology for payments further in the near future while 67% stated QR codes make their life easier in a touchless world and 58% favour a greater use of them.  

Other studies have shown that mobile QR coupon redemptions are forecast to surpass 5.3 billion by 2022 - up from an estimated 1.3 billion in 2017. It is believed that by 2022, more than one billion devices will access coupons via QR codes.  

The Red Lion pub located in the London Borough of Ealing, implemented QR code technology last year and found it to be a success. 

'It really is a no brainer. It's very simple and very easy to understand. You scan your QR codes by just pointing the camera. The menu pops, you choose what you want, pay, and your order arrives,' said owner Edin Basic.  

Quick response is the right response 

The benefits for using QR codes in hospitality are multifaceted as they minimise the amount of human touch points customers come into contact with. This both helps limit the spread of COVID-19 while also providing a frictionless customer journey.  

For instance, PowaTag hosted a 30 second Tesco Meal Deal challenge in which customers were tasked with checking out in less than the allotted time.  

'Checkouts can take up to 60 seconds so here, thanks to PowaTag, we've reduced it to just five seconds,' said Nick Lansley, head of open innovation at Tesco Labs. 

'Using the PowaTag application, our customers are able to checkout, in other words pay, in just five seconds. What's clear is that customers love it, they actually told me they were experiencing the future.'  

Needless to say, QR code technology is so widespread that hospitality companies are only hindering themselves by not implementing them.  

This is particularly true when considering many consumers have become acquainted with the technology throughout the pandemic.  

Customers want a seamless and contact-free experience. If you can't provide that, their business may be lost forever as they look toward competitors who do offer these services and features.  

Interested in reading more stories about how technology will redefine industries all over the world? Discover more about how AI will reshape the retail sector for years to come.


K3 Business Technology Group plc published this content on 17 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 10:47:01 UTC.

ę Publicnow 2021
12/01K3 BUSINESS TECHNOLOGY : Key takeaways from the 36th IAF World Fashion Convention
11/24K3 BUSINESS TECHNOLOGY : How fashion and apparel is primed for the metaverse
11/17THE FUTURE OF BUSINESS CENTRAL : Key takeaways from Directions
11/17Pinnacle Computing Limited completed the acquisition of Sage Business from K3 Business ..
11/08How Mixed Reality can empower employees on the frontline
11/03Seven paths retailers can take to become more sustainable
10/20K3 BUSINESS TECHNOLOGY : How K3 tackles CSR
09/20FTSE 100 Closes Lower as Global Markets Hit by Wave of Sell-Offs
09/20K3 BUSINESS TECHNOLOGY : Fishers Adventure Farm Park drastically streamlines operations wi..
09/20FTSE Down, Oil Stocks Drop as China Fears Hit Crude
More news
Sales 2020 48,8 M 64,9 M 64,9 M
Net income 2020 -21,1 M -28,1 M -28,1 M
Net Debt 2020 5,80 M 7,70 M 7,70 M
P/E ratio 2020 -2,38x
Yield 2020 -
Capitalization 78,4 M 104 M 104 M
EV / Sales 2019 1,45x
EV / Sales 2020 1,15x
Nbr of Employees -
Free-Float 63,3%
Duration : Period :
K3 Business Technology Group plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends K3 BUSINESS TECHNOLOGY GROUP PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 0
Last Close Price 1,76 
Average target price
Spread / Average Target -
Managers and Directors
Marco Vergani Chief Executive Officer & Director
Robert David Price Chief Financial Officer & Executive Director
Tom Crawford Chairman
Jonathan Paul Manley Non-Executive Director
Oliver Rupert Andrew Scott Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
SAP SE9.20%156 404
SERVICENOW, INC.8.93%119 311
DOCUSIGN, INC.3.82%45 401
HUBSPOT, INC.93.13%36 176