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Is QR The Future of Payments and Transactions in India?

  • November 18, 2021
  • 3 min read
Is QR The Future of Payments and Transactions in India?

QR codes have garnered a lot of attention in the last few years. More and more people now prefer paying their bills by scanning QR codes. This is probably because of the ease and convenience it offers. However, there are quite a few payment methods that have been used for decades in India before the introduction of QR codes. So, what makes QR codes so unique and the future of payments? 

Before we get into that, let us first know about the various modes of payment. The following are some of the most famous methods of payment –

● Cash

● Swipe/tap your Card on a POS/m-POS machine

● Use NFC enabled through Google Pay

● Use a QR code 

● Use SmartPOS on smartphone

With so many options, how can QR scanner become the future of payments in our country? Here are some of the reasons that make QR payment is the ultimate choice in the years to come: 

Payment on-the-go

Whether you are at the movies or traveling, you can pay without any hassle with the help of a QR code. For example, you can place an order from the movie theatre and pay the staff member simply by scanning the QR code—no hassle to find the exact amount of cash. You can enjoy your popcorn and beverages right away without missing out on the movie. Similarly, you can pay for snacks with utmost ease even while on a moving train. So, no more complaining about the traditional and time-consuming ways of money transfer. 

No Overhead Cost 

While customers can make use of quick and easy payments, QR codes have also helped merchants massively. Unlike debit or credit cards that require POS devices, QR codes do not require any additional or dedicated device to accept payments. All you need is a smartphone where you can check whether you have received the payment successfully. Moreover, POS devices can be a little time-consuming as compared to Quick Response (QR codes). 

Secured Payment Method

Along with all the benefits, QR codes are also extremely safe and secure. QR codes are a tool used to exchange information or data. Moreover, everything shared through a QR code is encrypted, ensuring minimal data loss or security breaches. A QR is as safe as a Visa or Mastercard, making it a reliable payment option for many. 

Simple Set-up Process

QR code payments are easy to set up and quite self-explanatory. You do not have to get any professional help or do not have to spend any additional money on installation. Just generate a QR code from the payments app and print it. Customers can now scan this through a UPI QR code scanner available on a smartphone to receive payments from your customers. So, setting up QR codes does not require any additional devices or money. 

If you have not made any transactions via QR codes yet, you should give it a try. We hope that this information helps you know how QR codes are turning into the next big thing in the world of payments and transactions.