It all started with the automotive company name “Denso Wave” a Toyota subsidiary in 1994. They wanted to track automobiles throughout manufacturing process for which they invented a QR Code (Quick Response Code).
Earlier many industries were using bar codes, which is a series of black and white lines of different size contains alphanumeric data. As the requirement grew and more data was required from the code, the QR code became famous and the need of the hour.
What is a QR Code?
A QR code is a two-dimensional barcode in the form of matrix or grid which contains different arrangement of small multiple black squares. It stores the information as a series of pixels in a square-shaped grid.
The major difference between barcode and QR code is the information it can store.
The QR code contains three small squares at upper right and left corner and lower left corner. QR code can store URL, phone no., or up to 4296 characters or text.
The number of small squares per side can vary, e.g. 33 x 33 or 177 x 177. It can be easily scanned through any device be it mobile, tablet and the user would not waste time to align the device in different angles.
The QR code became famous due to its fast and easy readability, greater storage capacity. Currently QR codes are being used in Product Tracking, Payment industry, Food Dining industry, Supply Chain – Postal Services, Ticketing Industry, Coronavirus tracing, etc. The major usage of QR began in 2010s for QR based payment system.
What are QR Payments?
QR code payment is a contactless payment mode where the users scan the QR code through their mobile app and complete the payment process. Many PSPs (Payment Service Provider) are offering the QR code-based payment services (Like Safexpay) where merchants can generate the QR code.
A QR code can be shared through multiple channels like Email, WhatsApp, or other social media messenger applications.
When the user clicks scan the QR code, it will open the payment portal (webpage) with pre-filled merchant and order information. The user needs to select the payment mode and enter the payment mode details like credit card, debit cards, BNPL , EPP or wallets like Google pay, Samsung pay or Apple Pay. Through QR code the customers can also pay app to app.
There are two types of QR payment codes:
- Dynamic QR Code – In this, the customer doesn’t have to enter the payment amount. The merchant needs to generate new QR code for each bill amount through POS or Mobile Device.
- Static QR code – In this, the customers’ needs to enter the amount they want to pay. the merchant can print the QR code and paste it at the counter, accordingly the bill amount the customer will amount the number in amount column and pay for the bill.
Different countries use QR payment methods in different ways.
For India – QR payment is UPI ID dependent for both merchant and consumers, China – wallets like Alipay and WeChat, Singapore – Singapore Quick Response Code for both merchant and consumers. Similarly, lot of different wallets app use QR code-based payment like PayPal QR etc.
Benefits for QR based payment:
- It is a contactless and user-friendly offline store or person to person payment check-out that a customer can select a preferred way to pay for a service or products.
- It is a simple and quick payment method, customers don’t need to carry a separate card or wallet. They don’t need to share any card details or handover the card to the merchant.
- It allows fpr better security than the traditional methods. Any data which is transferred via QR codes is encrypted, thus making the payment secure.
- It is easy to setup and cost-effective solution; small merchant can paste the static QR on the counter and accept the payment. It saves the POS and software cost.
Guidelines for QR Payment codes
There are different guidelines country-wise for security purposes. Also, there are guidelines issued by EMVCo. (a global organization) for processing QR code-based payments.
Easy QR code-based payment process by Safexpay
- A merchant must onboard through our website and complete the KYC.
- Merchant can print the static QR or Start Sending the Dynamic QR to customers.
- Customer will scan the QR code and complete the payment.
Safexpay is the leading payment service provider in UAE that offers a variety of payment solutions, including QR code payments. To learn more about how Safexpay can help you accept payments, contact us today.
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