“From April 2009 to September, India lost a total of Rs. 615.39 crores through 1.17 lakh cases of online banking frauds.”
QR codes are safe, easy to use and fast. They are designed in patterns and alignments that store all the data securely without any chance of leak. Using a QR code eliminates the need to fill in any kind of banking data or information. This way, the transactions remain safe, secure and absolutely fast.
In short, QR codes have made our lives easier. All that a user requires to do is scan the QR code available with the merchant, enter the amount, choose the desired mode of payment and proceed with the payment. Besides, a user can also send money to another person just by scanning the QR code provided by the receiver.
In this blog, we will understand what a QR code is, its types, benefits and more.
What Is A QR Code?
QR code is abbreviated as Quick Response and originated in Japan. It is a kind of matrix barcode used for making payments to different merchants and owners. Smartphone cameras or QR scanners can be used to read a QR code to complete transactions.
- A QR code enables one to complete transactions within seconds
- QR codes are made with standardized encoding modes named byte/binary, numeric, alphanumeric
- Merchants and individuals both can share the QR codes to receive money online
- Users with smartphones and an installed digital payment application like Paytm can scan any QR code and make payments online
- QR codes are a digital mode of payment, one can only use them for digital transactions
- Using the Paytm digital payment application, users are given the flexibility to choose any digital mode of payment like a Paytm digital wallet, Paytm Payments Bank savings account or any other linked bank account to make payments
- Paytm’s QR scanner can read any third-party QR code as well and eliminate the need to open any specific application or QR scanner to read the QR code
What Are The Types Of QR Codes?
There are two types of QR codes that are used for specific purposes. The following are the types of QR codes –
Static QR Code
- Static QR codes contain fixed information that can be delivered by scanning the code
- These are the codes that are made of scannable black & white blocks
- All the information the static code carries is contained within the QR alignments and patterns
- In case the information in the QR code is huge, the QR code will be large and complex
- The alignments and patterns in a QR code changes with the change in the information
- Any change in the QR code makes the previous QR code obsolete and of no use
- To use a static QR code, users are required to scan the QR code, add the transaction value to complete the payment
Dynamic QR codes
- Dynamic QR codes are editable codes loaded with additional features like access management, scanning analysis, device-based redirection, password protection and others
- A dynamic QR code carries a short redirection URL encoded, that redirects users to the website
- Unlike static QR codes, the information stored in the dynamic QR code can be changed without using a new code
- Using the dynamic QR code for payments, one can figure out the total number of people who have scanned the QR code, the location of the scanner and the device type used for scanning
- A Dynamic QR code provides a high-end payment experience for both the merchants and users.
What Are The Benefits Of QR Codes?
Other than being a quick payment mode, a QR code offers listed benefits too-
- QR codes are used for the immediate payment process
- A simple scanning through the QR code can complete payment within seconds, unlike debit cards, credit cards that take time to complete transactions
- QR codes are easy to use and fast to complete payments
- It is easy to use and requires one to scan the QR code, enter the amount and complete the transaction
- QR codes are safe to use as they do not require one to enter all the banking details
- Payments made via QR codes are encrypted, thus making the overall payment process secure and instant
- Unlike debit or credit cards, using a QR code one, does not require to swipe the card or fill in the banking details
- Because QR code payments are encrypted, the payment method is quite secure and packed with almost no possibility of error
- The barcode-based black boxes pattern carries unique data that enhances the QR code payment reliability. Thus, be it merchant or the user, data theft or transaction-based theft gets nullified here.
Easy To Use
- Paytm all in one QR code is easy to use as one needs to just scan the QR code provided, enter the amount and proceed with 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
- For merchants, buying a QR code scanner is economical
- Paytm soundbox is another tool that makes it easy for a merchant to confirm the transactions without looking at the phone
- Merchants, sellers or anyone who wants to use a Paytm scanner or Paytm soundbox can get the same from Paytm officials
No Infrastructure Required
- Merchants don’t need to have a high-end infrastructure to set up a Paytm QR code or Paytm soundbox
- Merchants can either hang, stick or paste the Paytm QR code whereas the Paytm soundbox can be placed on a table or any surface