What is a QR code? How to Choose Which QR code is Right For You?

Did you ever imagine making payments by pointing your phone camera at a code without having to enter the bank account number or other personal information?

We neither, but the day is here!

India is in the midst of a digital revolution. Digital payment has gained massive popularity in India and expects to account for 71.7% share of all payments in India by 2025.

QR codes refer to payments made by scanning a code. QR or Quick Response codes are 2D barcodes that have become increasingly popular in recent years. You can scan them easily using a smartphone or QR code reader.

But what exactly are QR codes, and what are the different types available? How do they work, and how to choose which QR code is right for you? Read on to find out answers to all your questions related to QR codes.

How do QR Codes Work?

QR codes are made up of a series of black and white squares arranged in a specific pattern. These squares contain encoded information that a QR code scanner/reader can read.

To scan a QR code, you’ll need a smartphone/tablet with a camera. 

To scan a QR code, simply open the QR code reader app and point your camera at the code. The app will automatically scan the code and decode the information. Depending on the type of QR code, this information could be a URL, a text message, or a command for the app to perform.

Different Types of QR Codes

Though all QR codes function similarly, there are several different types of QR codes. Some of the most common types include:

• Static QR codes: These are the most basic type of QR code, and they contain a fixed piece of information that cannot be changed. For example, a static QR code on a business card might contain its website URL.
• Dynamic QR codes: Unlike static QR codes, a merchant can create dynamic codes ND edit and update for customisation. This makes them more versatile and allows for the inclusion of more information.
• Tracking QR codes: These QR codes contain additional information that allows for tracking and analysis of their usage. This can be useful for businesses looking to gain insight into customer behaviour or for marketing campaigns.
• Event Ticket QR codes: Many event tickets now come in the form of QR codes, which you can scan at the event to verify your identity as a ticket holder. This helps to prevent counterfeiting and makes ticketing more efficient.
• UPI QR code: Unified Payments Interface (UPI) app generates a UPI QR code and contains the user’s UPI ID. You can make a payment to other people by simply scanning their UPI QR codes. UPI QR codes are static codes and cannot change, unlike dynamic codes.

What are The Benefits Of QR Codes?

There are several reasons why businesses and individuals might choose QR codes:

1. Quick and Easy Payment: QR codes allow instant payment by simply scanning the code with their phone. This eliminates the need to type out information manually. They are also quick in comparison to other modes of payment like debit cards, credit cards, or net banking.
2. Reduces Errors: QR codes eliminate the potential for errors that can occur when typing out an account number or other information manually.
3. Saves Time: QR codes allow you to access information quickly and efficiently, saving time that would be spent typing or searching for information.
4. Increased Engagement: QR codes can be used in marketing campaigns to increase engagement and encourage customers to interact with a brand or product.
5. Versatility: QR codes are very easy to set up and can be used in a variety of settings, such as on product packaging, business cards, and marketing materials, and can be used to access a wide range of information, including websites, payments, and coupons.
6. Secure Online Payment: Since the QR code is encrypted, it helps minimize data loss and security breaches. 

Related Post: Difference Between Barcodes And QR Codes

How to Choose Which QR code is Right for You?

Here are a few factors to consider when choosing the right QR code for you:

1. Purpose: What do you want the QR code to do? Do you want it to receive payment or open a website, send an email, or make a phone call? This will help you determine the type of QR code you need: dynamic or static.
2. Customization: Do you want to customize the appearance of your QR code? Some QR code generators allow you to add your own logo or change the colours of the code.
3. Tracking: Do you want to track the number of scans your QR code receives? Some QR code generators offer to track and allow you to match all the payments with your business.
4. Size: How will you be using your QR code? Will it be printed on a large billboard or displayed on a small card? The size of the QR code may need to be adjusted accordingly.
5. Compatibility: Make sure that the QR code you choose is compatible with the devices that will be scanning it. Most QR codes are compatible with smartphones, but it’s always a good idea to test the code before you use it.
6. Best QR Code: Considering all the above factors, a UPI QR code may be best to receive payments instantly. UPI QR Code by Cashfree Payments allows you to create unique printable QR codes for each business branch or franchisee, collect UPI payments via any UPI app and match all payments with your business entity. 

Collect payments instantly through QR codes

FAQs

– Are QR codes free?

Yes, QR codes are free to use. There are no costs or fees associated with generating or using QR codes. However, some companies may charge a fee for using their QR code generation or tracking tools.

– Can QR codes be used permanently?

Yes, QR codes can be used permanently as long as the information encoded in them does not change. The QR code will remain functional as long as it is not damaged or distorted beyond recognition. However, if the information encoded in the QR code needs to be updated or changed, a new QR code will need to be generated.

– What is the QR Code payment limit in India? 

The QR code payment limit in India is set by the Reserve Bank of India (RBI) and varies depending on the type of QR code being used.

• For Bharat QR, the limit is set at INR 50,000 per transaction and INR 2,00,000 per day.
• For UPI QR, the limit is set at INR 10,000 per transaction and INR 20,000 per day for customers who have not completed their KYC process. For customers who have completed their KYC process, the limit is INR 1,00,000 per transaction and INR 2,00,000 per day.
• For bank-specific QR codes, the limit is set by the bank and may vary from bank to bank.