By now we are probably all familiar with the iconic black and white square design of a QR code. Due to the increase penetration of mobile usage and access to high-speed internet — the use of QR codes are becoming increasingly popular and widespread. Not only does it allow us to make purchases at all our favorite merchants and buy our movie tickets, more importantly, it gives us liberty to enjoy the convenience of easy payment — making our shopping experience even better than before.
What does QR code stand for and how does it work?
What does QR code stand for and how does it work? QR simply stands for Quick Response. It is nothing more than a two dimensional code. QR Codes function similarly to a barcode. They need to be scanned by a device to be used. The key difference between a QR code and a barcode is that QR codes can be scanned on both paper and on screen, whereas barcodes can only work on paper. Hence, most QR codes are on both apps, online stores, and at merchant booths.
Nowadays, you’re able to scan a QR code with utmost ease. All you have to do is turn on your camera (for iPhone users) or download a QR scanner app (Android) aim it towards the QR code; this will immediately open a push notification to a website or to confirm transaction. The user just has to tap to complete the operation.
Many banks are starting to incorporate the QR system into their app so that their users can make a transaction or transfer money via the QR code in a split second.
Static QR code VS Dynamic: Is there a difference?
There are two types of QR codes. Let’s explore them below:
Static QR
The URL of the actual landing page of a website is placed directly on the QR code. What this means is, when a static QR code is scanned, it will automatically direct you to a landing page. We often use static QR codes at merchant counters where they give out free gifts or voucher in exchange for a survey, which you can access after scanning the code.
Static QR codes are also used for quick and simple payments in various industries like delivery service, in-home services, in-store retails, taxi drivers, and street vendors. All a user has to do is just scan the QR code and make the payment without any hassle.
The content of static QR codes are not editable. It too, can’t be tracked; however, they can be rectified by adding the URL.
Dynamic QR
On the contrary, dynamic QR codes can be editable. It offers additional features that enables access management, password protection, scan analysis, and device-based redirection. It can also allow merchants to track a user’s location and type of device. More and more merchants are using dynamic codes for transactional purposes because it gives them more control over the payments. In the case of a static code, the buyer has to enter the purchase amount, and the merchant has to verify it. For a dynamic code, these inconveniences are eliminated as the transaction is instant.
Benefits of a QR Code
Instant Payments
Compared to other modes of payment, QR is extremely quick. All it takes is for a user to simply turn on their camera or QR code scanner app, scan the code and the transaction is complete. This can help us save time during transactions and enable us to pay in a convenient way.
Top Grade Security
The actual QR code can’t be hacked because of its unique pattern. Any data which is transferred via QR codes is encrypted, thus making payments foolproof secure. Before the transaction is processed, the customer can also check the authenticity of the transaction by checking that the name and details of the merchant match up.
Affordable & Reliable
QR codes are a great way for merchants to accept payments without a card machine or other expensive setup, and the customer doesn’t even have to own a debit or credit card. The technology allows merchants a cheap and easy method of transaction as the codes can be created via QR code generators. QR code payments also reduces the probability of any kind of error, such as typing in the wrong bank account number or sending to the wrong recipient. The pattern of black boxes consists of unique data which ensures the reliability of the QR code payments.
QR payments are gradually becoming a popular way to transact due to its ease of use, convenience and reliability. This technology is becoming a key focus of those in industries involving payment services, including financial institutions, smartphone manufacturers, mobile app providers and major retailers. If you’re looking for a new way to pay, QR payments might just be for you!
