QR Codes, one of the most used technologies of our times, has facilitated many to utilize this method of cashless transfer given the pandemic. Acronym for Quick Response, QR codes are mainly made of black and white spots instead of the bars in barcode. It contains countless amounts of information ranging from URL’s, payment confirmation, text, or even personal details used in Aadhaar cards and COVID Vaccine passports.
It only requires an electronic interface such as mobiles to read the sequencing of codes and enable the payment. It was expected that the QR codes payment for customers and sellers would be a great success, as it was one of the first technologies to connect the real and digital world that surrounds us easily.
The QR Code decoder holds the information of the company’s URL and other details with the alpha-numeric text data. And that’s why in 2020, QR codes along with scan and pay are supposedly making a comeback with the innovative smartphone code scanning apps.
Use of QR CODES around the world
According to statistics by the studies conducted on the market value of mobile payments, the financial gain is estimated to account for up to 621 billion US dollars by 2031. In addition to this, a surge of 300% in usage over the next five years can be seen. About 11 million users in America alone had estimated to have used the QR codes payment system in 2020.
Japan, from which this idea had originated in 1994, had granted the patent waiver to publicize the idea to other countries whose term ended in 2015. It is even being standardized in numerous countries like the USA, Canada, Indonesia, Malaysia, Singapore, France, Australia. QR codes had already been in use in Latin America, Asia, and Africa for a long time, given China had already put it out in 2016, that one-third of their payments were made using this. And with many developing countries catching up, it is soon to be adopted and normalized in the economic domain.
What is making QR CODES the talk of the town?
QR codes payments are very easy to troubleshoot in case of emergencies; generating one doesn’t necessarily need many resources, making it even more profitable for the owners. The app-to-app purchase is welcomed by ones who find this scan and pay medium more comfortable and user-friendly. They help the consumer by giving them an effortless, secure way to mobile payment and for the various assorted companies to improvise on their marketing strategies and skills, which will only help them achieve more profits.
The downside is that this easy scan and pay mechanism is heavily dependent on the app, which may shut down for various reasons, including internet connectivity. Yet, the advantages seem only to outweigh the cons. This is why apps like Facebook, Instagram, and Snapchat use this to open their apps or open the user’s horizons to avail themselves of the excellent services they provide.
Many telecoms, e-commerce, and other small businesses like Fave India employ the scan and pay technique, useful for both the seller and the customer. Unlike before, where credit or debit cards were used to make payments, QR Codes will change it all, as it is much safer, more customizable and less time-consuming. This scan and pay manner of QR codes only shields the private bank particulars from hackers as it is directly from one device to another without any middlemen gadgets like the swipe machine.
These small pixels can access input just by scanning it, giving it an edge over the other new scientific software.
Future of QR CODES
The technology is expected to develop more than one fold over a subsequent couple of years. One of the critical areas the QR code era will consciousness of is in-app utilization and scanning capacity. With high-speed internet reaching every nook and corner of the world in the future, QR code mobile payment is most likely to be operated and accessed by everyone. Furthermore, with contactless delivery and pickup rising among the population, the use of QR codes payment for mobile payments will only rise exponentially. But as the technology only advances, we may find other alternatives like NFC or Near field communications which are supposedly much easier without scanning and may make their way to the mainstream
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