QR codes are all the rage these days and are arguably the most popular form of enabling transactions across the digital space. Everyone from big-time retailers to small shop owners has found a new way of accepting and making digital transactions, as QR codes are one of the easiest and cheapest to implement.
In this article, we will have a brief look at QR codes in general and what makes them a must-have piece of technology in this new day and age!
What is a QR Code?
A UPI QR code is essentially a barcode that is readable by digital devices like cell phones. It’s made of a series of pixels that store relevant transaction information inside a square-shaped grid. They not only help in processing digital transactions but also help big businesses manage their inventories and logistics across the supply change.
Moreover, they are also used across the marketing domain to promote products and services that users can buy or access by simply scanning the code.
And lately, they have been instrumental in playing a major role in tracing coronavirus exposure to slow down the pace. As you can see, this impressive piece of technology can be used across domains and has been instrumental in simplifying a lot of things that were considered complicated before its introduction a few years back.
Now that you have a basic idea about QR codes in general, let’s look at a few benefits of using one for your business!
They are Inexpensive to Implement
Unlike a POS device, which takes a significant amount of investment, and isn’t even feasible for small business owners, such as shopkeepers; a QR code is inexpensive to implement. The codes essentially contain transaction-related info like a user’s bank account details and can be printed off a standard printer and displayed prominently at places where users can easily scan the codes using their smartphones.
It’s Completely Safe
A UPI QR code is based on the Unified Payment System developed by the government. If you are familiar with how UPI works, then you must also be aware that it’s considered to be one of the safest ways of transacting these days. Whoever scans the code doesn’t need to enter any banking details as both the code and the respective app through which the code is being scanned already have the relevant information needed to enable the transaction. This prevents any third parties from accessing the banking details of a user as the transaction happens within seconds without requiring any details whatsoever. It’s simply a scan and transaction process, unlike cards or other modes where a user needs to input certain details such as a PIN code, or CVV number.
Helps Create Customer Loyalty
In a cash-averse world, it’s unwise to force your customers to deal in cash as there is a risk of infection. By implementing QR code-based payments into your business operations, you can increase customer loyalty as they are more likely to keep coming back to shop due to the ease and safety that a UPI QR code offers by making the entire process of making and accepting payments completely touch-free.
It hardly takes a few seconds to complete a transaction by scanning a UPI QR code. By allowing instantaneous payments to take place; a QR code essentially becomes a booster for your business, as you can cater to more customers at the same time as compared to having to manually conduct transaction-related business.
UPI QR codes are a must-have for your business if you want your business to stay relevant in this modern world where customers want a faster and safer checkout experience without having to deal in cash. And the fact that it’s free to create your QR code, there should be nothing stopping you from implementing this groundbreaking technology into your day-to-day business transactions.
So, if you are still stuck on accepting cash, then it’s time to make a smart move and switch to cashless payments and make your business embrace the technology of the future, today!