There was a time when everything would happen by exchanging currency physically. But things have changed lately. With the inception of digital transactions, we all are going cashless.

Digital payments or transactions have revolutionized how we pay for products or services. With modern technologies like QR code payment, anyone can scan and pay money anywhere, be it a retail store, theatre, restaurant, or even street-side stall.

What are QR codes? How do they work? 

QR code or Quick Response code is a pattern created by black squares or barcodes arranged in a square grid on a white background. Almost similar to barcodes, the only difference between them is that QR codes can store more data than bar codes. One requires a QR code scanner or a mobile camera to read the code.

Each part of the QR code contains a piece of information that comes together to create a pixel pattern. As far as digital UPI payment apps are concerned, the information comprises transaction details, merchants’ details, etc. When the code is scanned, software decodes the pattern and converts it into a character string. They carry commands related to transactions.

A retailer or service provider can generate the code for their store or a fixed or variable amount. The code is generated per the command, which follows the specified operation, such as opening the payment link, etc.

To transfer the payment, the consumer needs to scan the code.

What are the benefits of QR codes over barcodes?

QR code is quite similar to linear barcodes. However, the former has the edge over the latter. The main benefits of QR code scanner are-

• It can store data in large volumes.

• One can easily read it even if a part of it is distorted.

• One can scan them easily from paper or screen.

• The information carried in the QR code is encrypted, making QR code payment a safe transaction mode.

What are the advantages of QR code payments?

The benefits of QR code payments are many. They include-

• Instant payments 

Initiate a QR code payment, and the amount will reach the recipient’s account within a few moments. It is one of the quickest means of payment. The customer needs to open the QR code application to scan and pay. 

• Does not entail an overhead cost 

Most payment modes mandate the use of third-party hardware, such as POS machines, for accepting the payments. However, it is not the case with QR code payments. Making QR code payments involve a scannable QR code on paper or screen and a smartphone.

• No scope of error 

QR code payment is a full-proof payment method with no chance of error. In addition, the patterns of the QR code contain unique data, which reduces the chances of fraud or threat, making it a reliable payment method.

QR code payments are safe and secure means of payment. They are hassle-free and make transferring money possible within moments. No doubt, they are the future of money transactions.