QR Code Scanning

byPaytm Editorial TeamLast Updated: September 16, 2025

Definition

QR code scanning is the process of using a smartphone or device camera to read the QR code and fetch stored details like merchant ID, amount, or transaction reference.

Examples

  • Scanning QR at metro stations for ticket payment.
  • Scanning a friend’s QR to transfer money.

Importance

  • Provides quick access to payment details.
  • Reduces human error in typing account information.
  • Ensures smooth digital transactions.

You May Also Like

Asset AllocationLast Updated: December 12, 2025

Meaning Asset Allocation is the process of dividing investments across different asset classes. Definition It helps balance risk…

BudgetingLast Updated: December 12, 2025

Meaning & Definition Budgeting is the process of planning and managing income and expenses. It helps individuals and…

UPI SwitchLast Updated: July 24, 2025

Definition A UPI Switch is the central routing system that connects banks, payment apps, and NPCI to process…

UPI Complaint LoggingLast Updated: November 14, 2025

Meaning UPI Complaint Logging is the process of reporting a failed or incorrect UPI transaction. Users can raise…

UPI Device BindingLast Updated: October 21, 2025

Meaning UPI Device Binding links a user’s mobile device to their UPI account to prevent fraud. Importance Transactions…

What is a Demand DraftLast Updated: October 14, 2024

Understanding Demand Draft Demand Draft or DD refers to a financial instrument used to make payments, which can…