QR codes have changed the way the world does business. It has allowed the smallest of shopkeepers to accept digital payments without the need to invest in inexpensive POS devices, allowing them to compete with bigger businesses.
Invented back in 1994, by Japanese corporation Denso Wave; QR codes have only recently become mainstream and are used for everything from transactions, to keeping track of inventory, logistics, etc.
Therefore, it won’t be wrong to say that this nifty piece of tech has not only changed the world in many ways but has a lot of potential for use all across involving complex procedures shortly.
What are QR Codes?
A QR code resembles a barcode; however, it is square-shaped, unlike the rectangular-shaped barcodes we have been used to seeing. It uses a standardized encoding that helps in the efficient storage of data amongst its pixels that contains various data such as locator, identifier, or tracker to be used to store website or application data. This information could include banking information that users can scan using their smartphones to pay with bharat QR codes for goods and services when making a purchase.
Types of QR Codes
There are two types of QR codes: Static and dynamic. Let’s have a brief look at them!
- Static QR Codes: Static QR codes can only hold fixed information that can be accessed by scanning the code. These codes are stacked within the black and white blocks that are visible in the print. Since the QR code is static; therefore, in case there is a change in any information, the older QR codes from the same batch will become obsolete as they won’t have access to the updated information. Static QR codes are best for carrying out transactions while making a purchase, as the information is mostly static and barely changes on a day-to-day basis.
- Dynamic QR Codes: These can be edited to include various features that can serve purposes like access control, device-based redirection, password protection, etc. They contain a short redirection URL encoded within the code that allows for the redirection of users to a website. Moreover, their dynamic nature allows for new information to be added without making the older codes obsolete. This is great for bigger merchants and users wanting a high-end payment experience.
Benefits of QR Codes
Regardless of whether a person using a static or dynamic QR code, there are a lot of benefits to doing so. Let’s have a brief look at a few of the benefits that a person can experience by using them!
Faster and Quicker Payments
QR codes can completely replace cash transactions by allowing everyone to make digital transactions just by scanning a code. This allows for a much faster experience as there is no need to calculate physical currency, thus reducing queues and making transactions much faster and quicker which gives an all-around better experience to both businesses and users alike.
Secure and Safe
Unlike other forms of transactions such as using credit/debit cards; QR codes don’t require a user to reveal any of their financially sensitive information. The banking information is already stored in the code itself, and users can make payments just by scanning the code. Moreover, with platforms like UPI, it becomes even safer to transact since the transaction is a direct bank transfer between two parties because that is how the united payment interface works.
Ease of Use
Setting up QR codes is a simple process requiring zero dwon payment mobile phones online. Merchants can simply link their bank accounts to the code and take a printout that can be displayed at a convenient location for users to scan and make payments for the goods and services they buy.
QR codes are reliable as the information contained within them is fully encrypted making it impossible for fraudsters to steal financially sensitive information.
QR codes have proved to be a gamechanger in recent years where a larger section of the population has moved towards digital transactions as it offers a more convenient, smoother, and faster checkout experience as opposed to using cash which comes with its drawbacks. And we are only going to see more QR codes being used across various applications and categories as the years move on!
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