What is a QR Code, QR code, Paytm Blog

QR codes have simplified our lives. All a user has to do is scan the QR code provided by the merchant, enter the amount, select the preferred mode of payment, and complete the transaction. Furthermore, a user can send money to another person simply by scanning the QR code provided by the recipient.

This blog will explain what a QR code is, as well as its different types and advantages.

What Is a QR Code?

The QR code (Quick Response) is a type of matrix barcode that is used to make payments to various merchants and owners. To complete transactions, smartphone cameras or QR scanners can be used to read a QR code.

A QR code allows you to complete transactions in seconds
QR codes are created using standardized encoding modes such as byte/binary, numeric, and alphanumeric
Merchants and individuals can share QR codes to receive money online
Users with smartphones and a digital payment app installed, such as Paytm, can scan any QR code and make online payments
QR codes are a digital payment method that can only be used for digital transactions
Paytm’s QR scanner can also read third-party QR codes, eliminating the need to open a separate application or QR scanner to read the QR code

What Are The Types Of QR Codes?

QR codes are classified into two types, each with its own set of uses. Let’s take a look at the types:

Static QR Codes

Static QR codes are fixed QR codes that contain information that does not change. These codes typically encode a specific set of data, such as a website URL, contact details, or a pre-defined message. Once generated, the information within the static QR code cannot be modified.

Example of a static QR code: A restaurant may use a static QR code on their menu to provide a direct link to their website. Customers can scan the code using a QR code reader app on their mobile device, which will then open the restaurant’s website in their web browser.

Dynamic QR Codes

Dynamic QR codes are QR codes that can be edited and updated with new information even after they have been created. This means that the encoded data can be modified and redirected to different content without changing the physical appearance of the QR code itself.

Example of a dynamic QR code: A company may use a dynamic QR code on their product packaging to provide customers with up-to-date information. They can update the code to redirect users to different landing pages, promotional offers, or even change the content based on the location or time of day.

What Are The Benefits Of QR Codes?

Other than being a quick payment mode, a QR code offers listed benefits too-

Quick Payments

QR codes are used for the immediate payment process
In contrast to debit cards and credit cards, which take time to complete transactions, a simple scan of the QR code can complete payment in seconds
QR codes are easy to use and fast to complete payments
It is simple to use; simply scan the QR code, enter the amount, and complete the transaction

High-End Security

QR codes are secure because they do not require the user to enter all of their banking information
QR code payments are encrypted, making the overall payment process secure and instant
Unlike debit or credit cards, using a QR code eliminates the need to swipe the card or enter banking information

Reliability

Because QR code payments are encrypted, the payment method is quite secure and packed with almost no room for error
The barcode-based black box pattern contains unique data that improves the QR code payment reliability. Thus, be it merchant or the user, data theft or transaction-based theft gets nullified here

Easy To Use

QR codes are simple to use because all that is required is to scan the QR code provided, enter the amount, and complete the transaction
An instant update will be shared with the users regarding the same along with sharing the same amount of transaction information with the merchant too

Economical

Purchasing a QR code scanner is cost-effective for merchants
Paytm soundbox is another tool that allows merchants to confirm transactions without having to look at their phones
Paytm officials can provide merchants, sellers, or anyone else who wants to use a Paytm scanner or Paytm soundbox with one

No Infrastructure Required

Merchants do not need a high-tech infrastructure to install a Paytm QR code or Paytm soundbox
The Paytm QR code can be hung, stuck, or pasted by merchants, whereas the Paytm soundbox can be placed on a table or any surface

FAQs

How many people use QR codes?

A majority of people, industries and domains are using QR codes for the payment process daily.

Is QR code a popular mode of payment in our country?

QR codes are becoming more popular across the country. QR codes are used for transactions by everyone from street vendors to shopkeepers and retailers to large corporations, hotels, and industries. In addition, due to the increasing popularity of QR codes, smartphones are now equipped with high-quality in-built QR code scanners.

Can QR codes be used permanently?

The use of QR codes is rising and a major number of people in the country are ditching the traditional methods of payment and opting for QR code-based payment methods. Thus, it would not be wrong to say that QR codes will remain in the market for the long run.

Priyanka Juyal

Priyanka Juyal- a Writer with a curious mind & vision to create the best out of words. Other times, see her playing the guitar, sketching or narrating folk tales!