Why QR Code Payments MUST Have a Place In Your Business!
What are QR codes? How do they help merchants, vendors, retailers, & offline businesses have a seamless payment flow? Let’s find out!
QR code payments make life easier for vendors, small merchants, and SMEs as well. While vendors enjoy instant payments via QR codes & UPI, small merchants can save on the money they must spend as commission or transaction fees to a payment service provider like payment gateways. Similarly, B2B payments that are high in volume, would require SMEs to pay a hefty amount as processing fees, which can be avoided using QR code payments.
A visit to the nearby Kirana store, riding a taxi (after an eternity of cancellations & praying), booking movie tickets, shopping at your favourite outlets… The pre-pandemic era had us on our feet much more.
At the same time, it did bring a way of change- the way people consumed goods & services, both online & offline. A couple of years ago, could we imagine any mode of payment other than cash or cards which an offline store would accept?
While UPI payments have changed the way that transactions are done, another payment system is also gaining popularity and may even do so faster in the future
Let's discuss QR Codes today, from Robin to UPI-Batman!
In the wake of the pandemic, customers around the world have abandoned contact-based payments like cash, according to a study by PAYMENTS and American Express.
In order to offer the greatest convenience to both customers and employees, the study also discovered that brick-and-mortar shop owners are moving toward developing a contactless payment system!
It goes without saying that QR code payments are becoming more common in offline companies, but that wasn't always the case.
What Do QR Codes Mean? How Do They Function?
An alternative to barcodes that could be scanned in either direction and featured patterns both vertically and horizontally was created in 1994 by the Japanese automaker Denso Wave. A smartphone with an integrated camera reader or a compatible code scanner/reader may quickly and simply scan this straightforward design of black barcodes placed in a square grid
A QR code can store 100 times more data than a barcode, in contrast. Additionally, it has a maximum storage capacity of 7,089 digits, or 4,296 characters, including punctuation and special characters, making it a profitable choice for business owners for a range of functions, like payments, for example
Users have the option of entering the bill amount manually or having the merchant create it when they scan a QR code to make a purchase. Due to the interoperability characteristic of QR codes, popular UPI apps like Google Pay or PhonePe make the same possible.
The RBI claims that the BHIM UPI QR code is the first ever universally used interoperable payment method.
Various QR Code Types
We can categorize QR codes in general terms as follows:
The data stored in static QR codes is complete and accurate. This means that once a QR code is generated, the data contained therein and the data it points to cannot be changed. The entire QR code will be rendered useless if there is a mistake. The data is immediately encoded in a static QR code, which makes the pattern denser. Where might a static QR code be used most frequently?
- A proprietor of a small business who collects payments from clients
- Any essential details that cannot be altered, such as an ID card or employee information
- As opposed to static QR codes, dynamic QR codes provide a brief URL. This gives the author the freedom to alter the QR code's information and destination as needed. What are some real-world instances of dynamic QR codes?
- Scanning a restaurant men
- A company offering its product list, website information, and more
payments made at stores or outlets with several points of sale that all go to the same payment location.
What Are a Few Important Use-Cases for QR Code Payments?
As we've seen, there are a variety of ways that offline businesses might employ QR code payments in their daily operations. Let's examine a few of the common use-cases.
Kirana Stores & Retail Outlets
To take payments from their consumers, more and more Kirana Stores are implementing QR codes. To make it simple for clients to check out, retail establishments also place scannable static or dynamic QR codes at PoS (point of sale) equipment. The user's UPI app automatically updates with the amount entered by the retailer, and with only two clicks, they may complete their transaction. The user also has the option to enter the payment amount and pay the store owner. Talk about convenient payments for offline companies!
Vendors, Small Merchants, SMEs
Vendors, small businesses, and SMEs all benefit from the ease of use that QR code payments provide. Small businesses can save money by reducing the commission or transaction costs they must pay to a payment service provider, such as payment gateways, while vendors benefit from rapid payments via QR codes and UPI. Similar to how big volume B2B payments would force SMEs to pay substantial processing costs, QR code payments allow SMEs to avoid these costs.
Utility Bill Providers
Multiple QR codes can be used by a utility bill service provider to collect payments from customers for services like water, cooking gas, or electricity. Simply include a QR code with the bill, and the customer may quickly scan it using the real invoice.
Pay & Park Businesses
By accepting QR code payments, Pay 'n Park service providers can guarantee a smooth and rapid checkout experience. They can either deliver it at the collection location or include it in the parking ticket.
Do QR Code Payments Benefit Merchants, Shop Owners, and Vendors?
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