With the digital payment revolution, QR code, expanded as quick response code, is gaining steam as a popular method of cashless payment. QR code can be used to make various types of payments including utility bills, grocery, food, travel, petrol and the like. There are many payment apps and mobile wallets in the market that allow customers to make payments via QR codes. Bharat QR and Paytm are popular examples of apps that allow QR code payment. To pay through this method all you need to do is ‘Scan and Pay’.
How do QR Code Payments Work
A QR code is basically a two-dimensional type of barcode that can store information in an encoded format. QR code payment is enabled through a smartphone, using which, a customer can scan a QR code to make a payment to any merchant outlet or online stores, etc. After scanning the QR code, the customer will have to key in the transaction amount. After this, the bank account of the user is debited and the merchant is paid directly.
Apps Using QR Code Payments
Given below are some of the most popular digital payments apps that allow QR code payments:
- Paytm: Payments can be made using the Paytm QR code method. Using this, customers can make payments at merchant stores and also send and receive money. At a merchant store, a customer will have to physically scan the QR code using the Paytm app and make a payment.
- Bharath QR code: In an effort to give a push to digital payments in the country, the Government of India launches the Bharath QR code. In order to make a payment using this, a customer will have to install the required bank app or BHIM app on a smartphone. To make payments at merchant outlets, open the app, scan QR code and make payment. Post QR code scanning, enter the transaction amount and the four-digit password.
- MobiKwik: Customers using MobiKwik can also choose to make payments using the QR Code option. All merchant payments across the country can be made using this interface without any hassle.
- Freecharge: Freecharge is another digital wallet that supports QR code-based payments. To make a payment using the QR code, go to the home screen, choose ‘Pay and Send’ and click on the option to ‘Scan QR code’. Transactions will be processed using a one time password or ‘OnThe Go Pin’.
- ICICI Pockets app: The ‘Scan and Pay’ feature in the ICICI Pockets app allows users to make payments at various merchant outlets. Scanning can be done through the phone camera and the QR card will be displayed at the merchant outlet. Payments can be made with MasterCard, Visa and Rupay cards.
Benefits of QR Code Payments
- The transaction cost is much lesser while making payments through this method when compared to other forms of payments
- Easy, hassle free and convenient
- Less time consuming
- In terms of business owners, the use of QR code eliminates the need to purchase a Point of Sale Machine. Therefore, there is no need for any special equipment.
- It is a very safe and secure interface for payments
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