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Digital payments have become a part of everyone's daily lives, and one of the most commonly accepted online payment solutions has been QR codes. This is because payments through QR codes allows the contactless and cashless transaction, reduces the chances of financial fraud and is easy to use; a user only needs a smartphone with a camera to scan the code.
Keep reading if you are new to this payment ecosystem and want to learn more about it.
QR or Quick Response is a two-dimensional code patterned as a black square and arranged in a square grid with a white backdrop. You can use imaging devices like your smartphone to read this QR code. Unlike barcodes, QR codes can store more data per unit area.
The history of a QR begins during the 1990s, when a Japanese company, Denso Wave, discovered it. Initially, it was used in the automotive industry, primarily for tracking, production and shipping. However, gradually, people adopted this code working outside the automotive industry for marketing and product identification.
Several experts suggest that QR codes did not reach the apex as expected from their performance in the initial years.
You either need a barcode reader that can scan QR codes or a smartphone and tablet with a camera. Several applications are also available that can scan QR codes. All you need to do is to open a camera, point it to a QR code, and it will scan and recognise the code and send you a notification. You need to open this notification to complete the payment process.
You can further download banking and payment applications online to transfer funds from your account to another.
Mentioned below are some of the ways to make payment using a QR code:
You can open a payment application once the total payable amount is set in a merchant's PoS system. The QR code-enabled payment application shows a QR code that recognises your payment card details. Then, the merchant uses a scanner to scan the QR code to complete the transaction process.
You need to open your phone camera or QR code-enabled application. Then, scan the code displayed on a bill, product or at the payment counter to complete the payment process. Furthermore, you can avail various loyalty points and lucrative offers if you make payments through a store-specific payment application.
In this payment process, both recipient and you, as a sender, open applications. You scan a QR code displayed on a recipient's application. Finally, you specify and verify the amount payable to complete the payment through a QR code.
There are two types of QR codes that retailers can use to allow customers to make payments:
Dynamic QR codes allow auto-fill the payable amount so a retailer can issue several codes for different products. Besides, one of the main advantages of a dynamic QR code is that a retailer can change the information in it to update current data.
Additionally, it has features like password protection, access management and device-based redirection and scans analysis. With the help of a dynamic QR code, a retailer can know about a customer's location, type of device used and other essential data.
This type of code is programmed with one trigger action. So, once customers scan a QR code, they will be redirected to another webpage with a payment option, and accordingly, they make the payment.
However, unlike dynamic QR codes, the information in the static QR code cannot be edited. Besides, in a static QR code, customers have to enter the payable amount, and a retailer verifies it further, unlike a dynamic QR code, which provides a better payment experience.
Listed below are a few cases and businesses that deploy QR codes to receive payments from customers:
Making payments through QR codes offers several benefits, and they are as follows:
Consider the following tips before making payments through QR codes:
Several people across the globe are making payments through QR codes at an increasing rate due to the multiple benefits they offer. Therefore, given this latest trend, you must learn about them thoroughly and hopefully, this article has served this purpose.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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