QR code stands for Quick Response code.
It is a type of matrix barcode which is used to encode certain data like the name of the merchant, contact number, email, address, and company details in a small 2D image.
QR codes work in the same way as a barcode and it is like a virtual business card
QR code payment is a contactless payment method where payment is performed by scanning a QR code from a mobile app.
QR code payment does not require your Credit/Debit card or internet banking details or ATM Pins.
This is a more secure card-not-present cost effective method of doing electronic funds transfer at the point of sale not using the POS Machines.
How to pay using QR code:
Scan the QR code displayed by the merchant.
Enter the amount you have to pay and submit. The payment is received duly.
What are the benefits of using QR codes?
There are many benefits of using QR codes to make payments:
No special equipment needed.
and all you need to scan a QR code is a camera on your mobile phone.
2. Quick and easy to use:
You don’t need to enter the details of the person you are paying, just scanning the QR code will identify them instantly.
3. More convenience:
You can make payments using QR codes from any location with only a few taps on the mobile device.
4. Increased safety:
Storing your payment details in your mobile phone and carrying it around is much safer than bringing your entire wallet full of cash and credit cards everywhere you go. The chances of theft and fraudulent purchases using your payment details are much less with QR codes.