Have you ever seen those strange-looking, small, black-and-white modules, neatly arranged in a square shape? Considering how commonly these are seen on practically everything, you sure have seen them. They are called QR codes. Many of us have wondered what exactly are QR codes, why are they used and what are their benefits of QR codes. So let’s take a tour and find answers to these.
What Are QR Codes?
QR codes are Quick Responsive codes that work in the same way as barcodes but in a much faster and more efficient way. While barcodes need a specific barcode reader to process the information encoded, a QR code can be read using any smartphone.
QR codes are versatile and used for many purposes in our day-to-day lives, such as making and receiving payments, scanning menus in restaurants, reading product information, and the like. This is why you have seen them all around you–on products, courier packages, UPI transactions, etc.
The varied benefits of QR code payments have made them extremely popular with the masses. So now let’s see what is this entire craze about the advantages of using QR codes.
What Are The Benefits Of QR Code Payments?
Being a reliable mode of payment, QR codes are being increasingly used. Thanks to the benefits of a contactless QR code scanning system- merchants, vendors, shopping malls, grocery marts, and even local stores have started accepting payments via QR codes. So let us now acknowledge how, as a business or a service provider you can enjoy the benefits of printing a QR code on your business cards to receive payments.
how can a business or a service provider get the benefits of QR codes on business cards to receive payments.
QR code payments make for the national transfer of funds. With an easy scan of an image, money can be sent or received digitally from any part of the world, any time of the day. One of the key benefits of QR code payments is their easy availability and 24*7 accessibility.
Another benefit of QR code payments is the fast, quick, and hassle-free transfer of funds. It is probably the quickest mode of transaction that takes less than a minute and can be done using any UPI. As the National Payments Corporation of India points out, the statistics show an increase in the frequency of digital transactions in India, making it the most preferred mode of transaction.
Additionally, one of the other benefits of having a QR code on your business card is that it readily provides your clients with access to your payment details thereby reducing the chances of delay in payments, the hassle of entering account details, and difficulty in finding change.
Speaking of your transport business, suppose after having delivered the goods for your clients, they owe you a sum of Rs. 5784, but neither of you has the required change to settle the amount. In such a case, you can ask them to send your payment via a QR code where they can pay you the exact payable amount. Moreover, with this digital fund transfer, they need not put in your account details every time to pay you.
One of the undeniable advantages of using QR codes is their safety and security. Sharing bank or card details with anyone for receiving money can be risky. But with QR codes there are no such dangers involved. None of your personal details can be stolen, nor can they be shared.
Benefits Of Using QR Code For Your Business
The business industry was used to having barcodes in the initial years. Gradually, these got replaced considering the myriad advantages of QR codes over barcodes. Reason enough for us to understand this shift and take a deep dive into the benefits of QR codes and understand why most organizations prefer QR codes over barcodes.
Unlike barcodes, the content or the data encrypted in QR codes can be edited even after they have been published. This makes it one of the most significant benefits of QR codes for businesses since it saves them the cost of reprinting the codes.
For instance, a restaurant owner can make changes to the menu, say, add a new dish or modify the prices of the items, even after the scannable QR codes for the menu have been printed and shared.
Business owners can measure and keep a track of the effectiveness of the QR codes. By using a tracking scanner, they can get an insight into their target audience and its demographics. The data-backed QR codes allow for a better understanding of the strengths and weaknesses of the business.
For instance, if the advertisement of your transport business has a QR code that leads your target audience to your website, you can track their activity. Significant data on the number of people showing their interest in your business, their location, and the click-through rate or bounce rate, among other things can be collected.
One of the most remarkable advantages of QR codes over barcodes is their ease of access. Any QR code can be read, scanned, and processed using a smartphone while reading a barcode requires one to have a particular device called a barcode reader.
For instance, if you need to receive payment for your transport business from any of your clients, you can share your QR code with them. Your client can then easily use their smartphone’s camera, or an in-app camera to scan the code and initiate the transaction. With the benefits of a contactless QR code scanning system, you can get your payment instantly.
We can conclude by saying that UPI transactions and QR code payments have made their way to businesses for the good. A digitized payment system has made the entire process quick, reliable, smooth, and error-free. Time for you to make the big switch and avail the benefits of QR codes. Our Vahak Payments feature on the Vahak app is an RBI-approved gateway to use UPI. To help you get started, you can reach out to our team at Vahak with all your queries and concerns.