In a short time span, digital payments have become a significant part of our everyday lives, be it for ordering groceries, making bill payments, or even shopping online. But even as people continue to use debit cards, credit cards, and net banking for virtual transactions, payment QR codes are now the preferred option for many.
Today, you can easily find payment QR codes in clothing stores, stationeries, supermarkets, medical shops, and even milk dairies. This is because generating a QR code is simple and customers only require a camera-enabled smartphone to use the payment method. It is convenient for both merchants and consumers. So, if you wish to know more about payment QR codes, how they work, and their benefits, continue reading!
What are Payment QR Codes?
Payment Quick Response (QR) codes are two-dimensional barcodes consisting of black squares arranged in a grid-like or pixel-like pattern (horizontally or vertically) on a white background. They contain certain information like the merchant’s name and transaction details which can be read by using a QR code scanner, which now comes built-in with most smartphones.
How Do Payment QR Codes Work?
If you wish to use payment QR codes for your business, you must know how they work, and here’s the process:
- First, you need to create a payment QR code by providing specific details like your or your business’s name and description. This can be done by opting for professional QR code services.
- The generated QR code can be printed to be kept on display or you can keep it saved in your photo gallery as the code can be scanned on both paper and screens.
- Once a customer wishes to make a digital payment, they can scan the QR code through the in-built scanner or by using certain UPI apps.
- Upon successful scanning, the QR code carries out a transaction-related command, redirecting the customer to a new screen. Here, they need to enter the payment details, including the amount to complete the purchase.
- As soon as the payment is processed, you will receive a confirmation notification.
The Advantages of Using Payment QR Codes
Now that you know what a payment QR code is and how it works, let’s look at some of its key advantages:
Improves Customer Experience: One of the most important advantages of payment QR codes is that they improve customer experience. This is because today, the majority of people prefer making digital payments and QR codes are quicker and more efficient compared to cash and card transactions. Moreover, the better the experience a customer has, the more likely they are to become a frequent visitor.
Enables Secure Transactions: As digital payments are becoming more and more popular, so are cybercrimes and malware attacks. However, you don’t need to worry about such situations with payment QR codes as they enable secure transactions. All the payment-related information is encrypted and tokenized, which means that it cannot be misused by anyone. This is a great benefit for both customers and businesses.
Easy Set-Up: Another key benefit of payment QR codes is that they can be set up quite easily. While it may seem like the process is complicated, that is not the case. Instead, all you need to do is look for a reliable service provider, complete the registration process, and generate your unique payment QR code. And once the code has been created, you can save it on any device or use a printed version so customers can scan it.
So, that covers everything you need to know about payment QR codes. If you’re on the lookout for a trusted and reliable payments solution provider, you must check out Razorpay. They offer multi-feature payment QR codes, easy payment tracking, and access to multiple QR codes for different locations and customers. Better yet, the payment QR code is entirely customized to your brand. Visit the Razorpay website today!