“Bygone” are the days when we would hunt for our wallets to make payments while buying groceries for our house, clothes for ourselves or even chocolates for our loved ones. Now we simply pick up our phone, scan the QR code and make the payment. Quick contactless payments are on the rise given the umpteen number of technological advantages. This article will throw light on QR-driven mode of payments and features. The contactless, swift and easier to implement, it is a system that needs no hardware or extra establishment. Dated back-to-back 1994, QR Codes obtained prominence in the Covid Era since post-pandemic people shifted to contactless lifestyle and covid preventive measures. This was a significant boost to the QR-driven mode of payment. The flexible nature of the technology led to many innovations that streamlined everyday transactions. Let’s understand what are QR codes and their benefits?

QR codes are known as the Quick Response codes that possess 2D cryptographs used for identification and tagging purpose. It is an array of white and black squares, consisting of URLs and other information that can be read by smartphone cameras. Though QR codes are like barcodes, the former is the refined version and can store a large amount of information per unit area. One major difference between QR codes and bar code is that QR can be scanned from both paper and screen and in any direction, while barcodes can only be scanned from paper positioned with proper angle. Here are a few of the characteristics of QR code:

Differentiation	QR Code	Bar Code
Representation	Black and white arrangement of dots and dashes in a square grid	Bold parallel lines of variable width arranged vertically
Information storage	Stores expansive customer-centric information	Stores lesser customer-centric information compared to QR codes
Identification uniqueness	QR codes give a unique identifier to every asset linked to it	Barcodes are common for similar product by a particular company
Ease of scanning	Can be scanned upside-down or in a damaged state	Difficult to scan sometimes, and entered manually into the system

There are various types of QR codes, but when we talk about Payment QR codes, there are two prominent variations, which are:

• Static QR code: As the name suggests, the QR code remains static. Once a static code gets generated it cannot be altered. These codes are brilliantly suited and can be utilised for personal or commercial use subjecting to single or multiple usage.
• Dynamic QR code: On the contrary, dynamic QR codes can be altered anytime, based on the requirements of your niche. It can be personalised for sending and receiving payments to/from customers. This innovation is significant for executing a frictionless payment for the auto-fill properties that QR codes possess.

QR code payment system is a contactless payment system, where payment is made by scanning the checked squares infused with the codes. Also known as the easiest POS, a customer willing to pay can use any imaging device and make the payment, without heavy infrastructure or hardware. In the QR Code process, three parties are involved including the Acquirer, Issuer and transaction process engine. The issuer is the financial institution that holds customers' money. The acquirer is the bank partnered with the payment aggregator and the transaction process engine is transaction routing engine that helps in the completion of the QR-driven payments. The National Payment Corporation in India takes care of payments in India.

QR codes are one of the most reliable modes of digital payment for transaction between a merchant and the vendor. Following are a few lesser-known benefits of QR-driven payment, and the reasons you should opt for it.

Are you looking for Quick Pay-outs? QR code is where the search can rest! It is the best method for instant payments and is quick compared to any other means of payment. All you need is a payment application, a device to scan QR codes and ultimately make the transaction. The entire process takes a few seconds to execute, and within a blink, the payment is done.

Online transactions are subjected to online fraud and the apprehension of data leakage. However, QR codes contain end-to-end encrypted data which is further transferred through securely. The data is end to end encrypted and it cannot be tempered, helping in minimising data loss and security breaches.

The QR-driven payment system can be conveniently established. The merchants need to generate unique QR codes for their business and print them followed by pasting them to the most accessible place for their customers. Online merchants can get associated with payment aggregators to get digitally equipped and accept payments by exposing themselves to more versatile payment systems.

If a vendor is expecting a payment from the customer, he can simply share the QR code and ask the customer to click, scan and pay using the Quick Response Code. These 2D codes can be easily scanned off an image and one of the salient features is that it can be scanned from any direction. The merchant can send the QR code to scan and pay or create a payment link for the vendor to make the payment convenient. PAY10 is a secured and dynamic payment aggregator that renders inline payment services to diverse sectors ensuring safety.

The QR payment system is amongst the most cost-effective payment methods, it is a convenient POS with the lowest investment. If you have already invested in a POS, you can leverage technology and integrate a QR code payment system to make it multi-functional. QR reduces the need to enter any transaction-related data making it a hassle-free payment solution.

Being a highly secured process QR Codes are a fool-proof mode of payment that can easily eliminate the probability of security breaches. The square checkboxes like designs encrypted with unique data, increases the reliability of QR Code payments and work impeccably.

Couple of years back, contactless payments were just an unfamiliar concept but, over the past few years, it has become a necessity for the merchants. The QR payment system is relatively secure, but incautious and negligent customers can get victimised by fraudulent activities and scams. Merchants who use the stated mode can exercise a secure form of payment method fostering greater security and confidence by adhering to the best practices preventing scammers from manipulating the Codes. For more information get in touch with Pay10’s teams.