With digital payment systems becoming normal in today’s era, there is no doubt that about 40% of the Indian population uses QR codes for daily transactions. From small corner stores to big retailers, QR codes have become a standard fixture, considering they offer a seamless way to connect and instant payments with just a scan.
While QR codes are easy to set up, they are even easier to use. Customers can safely pay via UPI apps with their UPI wallets or directly through banks, eliminating the need to carry cash everywhere.
Understanding QR Codes and Their Applications
QR code, or Quick-Response code, is a two-dimensional code that stores information and can be scanned using a smartphone to complete an action or access information. QR codes have enhanced the digital payment system by allowing customers to make transactions without carrying cash everywhere.
The convenience has led to its adoption in various sectors, such as healthcare, restaurants, retail, and finance. Setting quick-response codes is quite straightforward for merchants, and customers can make payments by scanning the code using their UPI or BHIM UPI apps.
How QR Codes Benefit Merchant Payments?
By making the process simple and cost-effective, QR codes offer numerous benefits to merchant payments, including:
Reduced Operational Costs: By introducing QR codes, merchants can significantly reduce the cost of handling cash or card transactions by placing a swipe machine. This reduces operating costs and gives merchants more time to improve customer experience.
Accessibility: Many customers prefer to pay using QR codes, as they are secure and save time and effort.
Quick Setup: The code setup process is relatively straightforward. UPI-based apps like UPI Lite payment apps help merchants generate and display QR codes, making it easy for customers to scan and pay instantly.
Security of Transactions: QR codes encrypt transaction information, improve security by reducing the need to handle cash, and protect merchants from counterfeit note fraud.
Increased Customer Satisfaction: Fast and convenient transactions automatically improve customer satisfaction. This helps merchants with large-scale transactions, such as restaurants or supermarkets, keep the payment flow secure and smooth.
How QR Codes Enhance User Experience?
Here are the benefits of QR codes to enhance the user experience:
Enhanced Security: While making payments via QR codes, customers are not required to give sensitive banking details. Users can directly make transactions with the help of UPI apps using their UPI wallets and stay safe from unauthorised access.
Simplified Payment Process: Making instant transactions by scanning QR codes saves customers time and effort carrying cash or cards everywhere.
Contactless Payments: To maintain hygiene, customers can conveniently make payments without physical contact. This is highly beneficial for restaurant and healthcare categories.
Cost-Effective: Most reliable apps charge minimal to no platform fee, making them affordable options for many users.
Supports Small Transactions: UPI Lite payment apps allow customers to conveniently make payments for day-to-day expenses.
Tips for Effective Use of QR Codes in Payments
Now that you have understood how QR codes enhance merchant payments and user experience, here are some tips to make the most of it:
For Merchants: Place the code in easy and multiple locations, making it accessible for customers. Ensure the recipient name is mentioned above the code and the print quality is high resolution to avoid scanning errors. It is essential to keep a check on your transactional history to prevent unauthorised activities.
For Users: Before making the payment, verify the recipient information and use trusted apps like Bajaj Finserv. Users must also check their internet connection for smooth transactions.
Final Thoughts
In the digital age, QR codes have undoubtedly simplified the transaction process for both merchants and customers. By implementing the QR code payment system, merchants of all types of businesses can enhance customer satisfaction and reduce operational costs.
On the other hand, customers can make instant payments, even for small day-to-day expenses, just by scanning the code via UPI Lite payment apps. Ensure to use a reliable UPI app like Bajaj Finserv and make the most of the technology.
