What is QR Code Payments and Their Types, Benefits, Uses: Must Know
The COVID Pandemic has made even the transfer of cash between hands a risky business. Whether it is online shopping or buying at a physical store, consumers choose to pay through their phone a better option than taking the pains of making a cash transaction. This transformation from the physical to the digital has been fuelled by introducing UPI scan code payments.
You can see from the smallest business to the largest ones offering a UPI scan code for the customers to scan and pay on the go. If you are a business looking to introduce QR code payments to provide ease for your customers, here’s all you need to know about it.
What are QR Code Payments?
A QR Code is short for a Quick Response Code. It is in the shape of a square with a unique black and white pattern. This code is generated specifically for one particular business. It can be scanned only through a QR code scanner, available in UPI scan and pay apps on smartphones. These apps only need a camera and an in-built scanner for any customer to operate this code. These are a developed version of barcodes, holding a much more considerable amount of data in comparison. The space for extensive data allows encryption useful to make secure payments.
How does a QR Code work?
The QR code can be printed on a surface (white background) or flashed on a screen. The scanner picks up the code instantly. When the customer opens a code scanner through a payment app and scans the UPI scan code, the app is directed to a page dedicated to making payments to the business. The customer is only required to fill the amount and process the payment through their UPI PIN. These can be used for buy now pay later payments too.
What are the types of QR Codes?
There are essentially two types of QR codes:
- Static QR Codes: A static QR code is the one that we usually see placed in shops, restaurants, medical stores, etc. It is a fixed code printed on a placard. The code contains the payment URL, dedicated to the business, placed inside. The static nature of this QR code does not allow itself to be altered or tracked. They are useful in making quick and convenient online payments and acceptances. The customers need to scan and pay through their payment app. They can verify the details of the business and carry out the payment in a simple process.
- Dynamic QR Codes: Dynamic QR codes are editable codes which a business-owner generates for every sale. Instead of the customer filling in the payment amount, these codes lead the customer to a page with the merchant details and the amount conveyed beforehand. The customer needs to verify the information and pay. These codes are unique to every purchase and have additional features such as enhanced protection and scan analysis. The business-owner can get information about the device the code was scanned with, number of scans and pays, location, etc. It offers more control to the business-owner as they enter the payment amount rather than the customer.
What are the Benefits of Using a QR Code?
Quick Payments: The customers can scan and pay on-the-go, saving precious time and effort for themselves and the business. It only takes a few seconds.
High-Security: The UPI scan codes uses top-grade encryption to make the payments and information extremely secure.
Reliable: This payment method eliminates any chances of error. They are unique to every business.
QR code payments are easy to configure with multiple benefits and enhanced security for your business.
