Why QR Codes are Taking Centre Stage in the Digital Payment World?

Why QR Codes are Taking Centre Stage in the Digital Payment World?

QR codes have gained widespread utilization in recent times. These codes are largely utilized everywhere, from huge companies’ receptions to small-scale vendors. Spotting the plastic board with the QR code is a ubiquitous sight in this day and age. 

One can use this system to make payments, unlock app-based vehicles, obtain e-coupons, or log in to networks. Sellers, retailers, or developers generate their unique code, and users can scan them through the best UPI app on their smartphones. 

Although the founders discovered these codes almost three decades ago, they have suddenly witnessed a surge in usage. In this post, we have discussed this system and some reasons behind its rapidly growing popularity. 

What are QR Codes?

  • QR codes stand for Quick Response codes. The system quickly responds to the scanner placed in front of the codes. The Japanese manufacturer of automotive parts, Denso Wave, invented these codes in 1994.  
  • The QR code is a kind of barcode in a two-dimensional space. The codes are linked with an identifier that connects to an application or website. Usually, the patterns in a QR code comprise alphabets, numbers, bytes, and the kanji script. 

How Do QR Codes Work?

  • The seller or developer creates their QR Code for the target task. The task can be payments, installing an application, etc. Then, users need to scan the codes using an imaging device. In most cases, for customers, this device is their smartphone camera. 
  • Some phones have in-built applications to respond to the codes. On the other hand, some users need to open a specific interface to access the code. The system redirects to the payment portal upon scanning as the codes are linked to the seller’s website.
  • There are two kinds of QR codes – static and dynamic. The static QR codes are created in general, and users have to enter the payment amount in the best UPI app. In contrast, dynamic QR codes are spot-created to complete a specific payment.

Why Are QR Codes in The Digital Payment Limelight?

Contactless Transaction

QR codes have been in the marketplace for many years and have enticed many customers as they regularly use this payment method. However, it was one of the many transaction methods sellers proposed to the customers.

Scanning from a distance was a perfect option to make contactless transactions through the best UPI app, especially during the pandemic. Now, it is no longer an alternative but the foremost payment option in most zones. Customers can research the best UPI app in India and utilize it for QR code scanning. 

Low Set-Up Cost 

Creating the codes and displaying them to shoppers does not require much expense. On the other hand, PDAs and card swiping machines are costlier. Not only the establishment cost, debit or credit swiping equipment also requires regular maintenance. 

As a result, QR codes generation and display are pocket-friendly. Therefore, small and Medium Enterprises (SMEs) with financial limitations can easily incorporate this method to establish their businesses. A QR code scanning facility is available today at small vendors, restaurants, streetside stalls, pharmacies, grocery shops, etc. 

Cashless Payments

In this day and age, all countries worldwide are highlighting cashless transactions. Cashless payments are faster, and the entire system is digitized, secured, and monitored. 

QR codes have fast action and immediately process the payments. You can use the best UPI app to utilize these codes online. Customers can make online payments through these codes, which is quicker than other online payment methods. 

Wide Utilization

The use of QR codes is not limited to offline payments at stores. For example, one can use it to get electronic gifts and coupons. E-commerce stores also use QR codes on their packages to promote their brand or give away rewards. Furthermore, the popularity of QR codes is also increasing in cryptocurrencies. 

The most common utilization of QR codes is to make online payments. It is the fastest and easiest method to conclude any purchase. 

Considering the above facts, it is evident that QR codes have gained the center stage in today’s digital payments. One can go through their web store reviews to know which is the best UPI app in India. 

Fave App is one of the best UPI apps that efficiently incorporates the QR code system. With the growth in smartphone utilization and awareness of cashless transactions, QR codes may dominate the digital payment world.

Pooja Saxena