What is a QR Code- Know Everything About it!

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?

QR code 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 a byte /binary, numeric, and alphanumeric
• Merchants and individuals can share QR codes in order 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 Code

• Static QR codes hold fixed information that can be accessed by scanning the code
• These are the codes composed of scannable black and white blocks
• The QR alignments and patterns hold all of the information carried by the static code
• If the QR code contains a lot of information, it will be big and complicated
• The alignments and patterns in a QR code change as the information changes
• Any change in the QR code makes the previous QR code obsolete and of no use
• To use a static QR code, users must scan the QR code and then add the transaction value to complete the payment

Dynamic QR codes

• Dynamic QR codes are editable codes that include features such as access management, scanning analysis, device-based redirection, password protection, and others
• A dynamic QR code contains an encoded short redirection URL that directs users to the website
• In contrast to static QR codes, the information stored in dynamic QR codes can be changed without the need for a new code
• Using the dynamic QR code for payments, one can determine the total number of people who have scanned the QR code, the location of the scanner, and the type of scanning device used
• A Dynamic QR code offers both merchants and users a high-end payment experience

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 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 boxes 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