{"id":3580,"date":"2022-06-20T07:09:15","date_gmt":"2022-06-20T07:09:15","guid":{"rendered":"https:\/\/decentro.tech\/blog\/?p=3580"},"modified":"2024-06-13T15:00:05","modified_gmt":"2024-06-13T15:00:05","slug":"how-does-qr-code-payment-work","status":"publish","type":"post","link":"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/","title":{"rendered":"How Does a QR Code Payment Work?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#What_Are_QR_Codes_How_Do_They_Work\" title=\"What Are QR Codes? How Do They Work?&nbsp;\">What Are QR Codes? How Do They Work?&nbsp;<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#Types_of_QR_Codes\" title=\"Types of QR Codes\">Types of QR Codes<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#What_are_Some_Key_Use-cases_of_QR_Code_Payments\" title=\"What are Some Key Use-cases of QR Code Payments?\">What are Some Key Use-cases of QR Code Payments?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#How_do_QR_Code_Payments_Benefit_Merchants_Shop_Owners_and_Vendors\" title=\"How do QR Code Payments Benefit Merchants, Shop Owners, and Vendors?\">How do QR Code Payments Benefit Merchants, Shop Owners, and Vendors?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#QR_codes_-_The_connector_between_us_and_the_physical_world\" title=\"QR codes &#8211; The connector between us and the physical world\">QR codes &#8211; The connector between us and the physical world<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#QR_codes_-_The_key_benefits\" title=\"QR codes &#8211; The key benefits\">QR codes &#8211; The key benefits<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#How_can_Decentro_empower_businesses_with_QR_codes_for_payment\" title=\"How can Decentro empower businesses with QR codes for payment?\">How can Decentro empower businesses with QR codes for payment?<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#Get_Static_or_Dynamic_QR_Payment_Codes\" title=\"Get Static or Dynamic QR Payment Codes\">Get Static or Dynamic QR Payment Codes<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#Branded_or_White-labeled_UPI_IDs\" title=\"Branded or White-labeled UPI IDs&nbsp;\">Branded or White-labeled UPI IDs&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#Simplified_Split_Payments_Commission_Settlements\" title=\"Simplified Split Payments &amp; Commission Settlements&nbsp;\">Simplified Split Payments &amp; Commission Settlements&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#Payment_Reconciliation\" title=\"Payment Reconciliation\">Payment Reconciliation<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/#Speed_of_Integration\" title=\"Speed of Integration\">Speed of Integration<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<figure class=\"wp-block-image size-large featured-post-img\"><img loading=\"lazy\" width=\"854\" height=\"854\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/How-Does-a-QR-Code-Payment-Work-.jpg\" alt=\"How does a QR Code Payment Work\" class=\"wp-image-6206\"\/><\/figure>\n\n\n\n<p>A visit to the nearby Kirana store, riding a taxi (after an eternity of cancellations &amp; praying), booking movie tickets, shopping at your favorite outlets\u2026 the pre-pandemic era had us on our feet much more.&nbsp;<\/p>\n\n\n\n<p>At the same time, it brought a way of change- how people consumed goods &amp; services, both online &amp; offline. A couple of years ago, could we imagine any mode of payment other than cash or cards which an offline store would accept?&nbsp;<\/p>\n\n\n\n<p>While&nbsp;<a href=\"https:\/\/decentro.tech\/blog\/what-no-one-will-tell-you-about-upi-payment-links-payment-gateways\/\" target=\"_blank\" rel=\"noreferrer noopener\">UPI payments<\/a>&nbsp;have disrupted the universe of transactions, yet another payment methodology is gaining traction equally, perhaps more in the future.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s talk about the Robin to the UPI-Batman, QR Codes!&nbsp;<\/p>\n\n\n\n<p>A study conducted by PYMNTS and American Express shows how customers globally have moved on from contact-based payments, such as cash, since the wake of the pandemic.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" width=\"513\" height=\"500\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/consumer-preferred-payments.jpeg\" alt=\"A chart showing consumer preference for payment methods.\" class=\"wp-image-2584\"\/><figcaption>Source:&nbsp;<a href=\"https:\/\/www.pymnts.com\/digital-payments\/2020\/pandemic-has-consumers-embracing-qr-codes-and-contactless-payments\/\">PYMNTS<\/a><\/figcaption><\/figure><\/div>\n\n\n\n<p>The study also found that brick-and-mortar business owners are moving towards creating a contactless payment system to provide the utmost convenience to both customers &amp; employees!&nbsp;<\/p>\n\n\n\n<p>Needless to say, QR code payments have an increasing presence in offline businesses, but before that.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_Are_QR_Codes_How_Do_They_Work\"><\/span>What Are QR Codes? How Do They Work?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In 1994, the Japanese automotive company Denso Wave developed an alternative to barcodes that could be scanned in any direction and had vertical and horizontal patterns. This simple pattern of black barcodes arranged in a square grid can be easily scanned by a compatible code scanner\/reader or a smartphone with an in-built camera reader.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>QR code, or Quick Response Code, is a machine-readable, easy-to-scan optical label that is similar to a barcode and helps a user perform a variety of tasks such as make a payment, navigate to a particular location such as an online website, or access data in the form of an image or PDF, among others!<\/p><\/blockquote>\n\n\n\n<p>A QR code can hold 100X times more info than a barcode. Moreover, it can store up to 7,089 digits or 4,296 characters, including punctuation marks and special characters, making it a lucrative option for business owners for various uses, payments, for instance!&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/how-do-qr-codes-payments-work-decentro-1.png\" alt=\"This image has an empty alt attribute; its file name is how-do-qr-codes-payments-work-decentro-1.png\"\/><\/figure>\n\n\n\n<p>As we know, QR is a barcode-like image consisting of information about both a merchant and their payment provider. <a href=\"https:\/\/decentro.tech\/help\/faqs\/how-qr-code-payment-work\" target=\"_blank\" rel=\"noreferrer noopener\">QR payments<\/a> function like a standard Point of Sale (POS) terminal: customers use their smartphone to scan the QR code; once the camera detects the QR code, a push notification leads them to a screen to input their payment details and complete the purchase instantly. <\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Types_of_QR_Codes\"><\/span>Types of QR Codes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>We can broadly classify the types of QR codes as follows:<\/p>\n\n\n\n<ul><li>Static Codes<\/li><li>Dynamic QR Codes<\/li><\/ul>\n\n\n\n<p>The information that\u2019s encoded in static QR codes is complete and final. By this, we mean that once the QR code is created, it isn\u2019t possible to change the data within and in turn, the data it points to. If there is an error, the entire QR code will be obsolete. The information is directly encoded in a static QR code, making the pattern denser. What are some familiar places where a static QR code finds use?<\/p>\n\n\n\n<ul><li>A small store owner who accepts payments from customers&nbsp;<\/li><li>Any crucial information that must not be changed, such as an ID card or employee details<\/li><\/ul>\n\n\n\n<p>On the other hand, dynamic QR codes have a short URL placed within them. This provides the creator the flexibility to change the destination\/data of the QR code any number of times. What are some examples of dynamic QR codes in use?<\/p>\n\n\n\n<ul><li>Scanning a menu at a restaurant<\/li><li>A business sharing product catalog, website details, and more!&nbsp;<\/li><li>Payments at shops or outlets with more than one point of purchase are all directed to the same payment destination.&nbsp;<\/li><\/ul>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_are_Some_Key_Use-cases_of_QR_Code_Payments\"><\/span>What are Some Key Use-cases of QR Code Payments?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As we\u2019ve seen, QR code payments can find use in umpteen ways in the everyday functioning of offline businesses. Let\u2019s take a look at some of the popular use cases.&nbsp;<\/p>\n\n\n\n<h4>Kirana Stores &amp; Retail Outlets<\/h4>\n\n\n\n<p>Many Kirana Stores are moving to QR codes to accept customer payments. Retail outlets also station scannable static or dynamic QR codes at PoS(point of sale) machines to enable easy customer checkout. The retailer can enter the amount, generate the QR code, and the amount automatically reflects in the UPI app of the user, who can proceed to transact in just 2 clicks. Alternatively, the user can also enter the amount and pay the shop owner. Talk about smooth payments for offline businesses!<\/p>\n\n\n\n<h4>Business Correspondents<\/h4>\n\n\n\n<p>Business correspondents are agents who provide banking &amp; financial services to users at locations other than official branches or ATMs. The BCA network constitutes 91% of the total banking outlets in India. A BC can use QR codes to facilitate payment collections from customers at the comfort of their homes and enjoy any financial or banking services easily.&nbsp;<\/p>\n\n\n\n<h4>Vendors, Small Merchants, SMEs<\/h4>\n\n\n\n<p>QR code payments also make life easier for vendors, small merchants, and SMEs. While vendors enjoy instant payments via QR codes &amp; UPI, small merchants can save on the money they must spend as a commission or transaction fees to a payment service provider like payment gateways. Similarly,&nbsp;B2B payments&nbsp;that are high in volume would require SMEs to pay a hefty amount as processing fees, which can be avoided using QR code payments.&nbsp;<\/p>\n\n\n\n<h4>Utility Bill Providers<\/h4>\n\n\n\n<p>A utility bill service provider offering services such as water, cooking gas, or electricity can use multiple QR codes to collect customer payments. All they need to do is embed the QR code along with the bill- the customer can easily scan it via the physical invoice.&nbsp;<\/p>\n\n\n\n<h4>Pay &amp; Park Businesses<\/h4>\n\n\n\n<p>Pay \u2018n Park service providers can ensure an uninterrupted and quick checkout process by using QR code payments. They can either embed the same in the parking ticket or provide the same at the collection point.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_do_QR_Code_Payments_Benefit_Merchants_Shop_Owners_and_Vendors\"><\/span>How do QR Code Payments Benefit Merchants, Shop Owners, and Vendors?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>QR code payments benefit offline business owners, small-time shop owners, and retailers with multiple outlets. Some of these include:<\/p>\n\n\n\n<ul><li>Real-time, instant payments<\/li><li>Contactless and a more secure payment alternative&nbsp;<\/li><li>Convenience with interoperability feature<\/li><li>Easy bookkeeping &amp; transaction reconciliation<\/li><li>Improved customer experience&nbsp;<\/li><\/ul>\n\n\n\n<p>Mimosa pudica, or the touch-me-not plant &#8211; That\u2019s how our transactions are becoming.<\/p>\n\n\n\n<p>Given our preferences for touchless menus and contactless transactions in the last two years, QR codes have made huge inroads &#8211; a <a href=\"https:\/\/www.cnbc.com\/2021\/08\/21\/qr-codes-have-replaced-restaurant-menus-industry-experts-say-it-isnt-a-fad.html\">750% rise in QR Code downloads<\/a> ever since the pandemic occurred. The global QR Code Market is projected to grow to <a href=\"https:\/\/www.360researchreports.com\/global-qr-code-labels-market-16551744\">$1.2 billion<\/a> by 2026 from <a href=\"https:\/\/www.360researchreports.com\/global-qr-code-labels-market-16551744\">$0.9 billion<\/a> in 2020.&nbsp;<\/p>\n\n\n\n<p>Local Kirana stores, restaurants, fintech players, retailers, FMCG companies, travel and hospitality businesses, healthcare businesses, and even donation platforms have started using Quick Response, or QR codes with varying degrees of need.<\/p>\n\n\n\n<p><strong>RBI announces UPI and credit card linking<\/strong><\/p>\n\n\n\n<p>With the new announcement, users can now link their credit cards to popular <a href=\"https:\/\/decentro.tech\/blog\/top-upi-apps\/\" target=\"_blank\" rel=\"noreferrer noopener\">UPI apps<\/a> like Google Pay, Paytm, and PhonePe. Users can then scan the QR code and choose a credit card as the mode of payment, making it an additional layer of convenience.&nbsp;<\/p>\n\n\n\n<p>So, how are these developments in QR codes impacting business revenues and customer growth?<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"QR_codes_-_The_connector_between_us_and_the_physical_world\"><\/span>QR codes &#8211; The connector between us and the physical world<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1118\" height=\"493\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/SCAN-for-possibilities.jpeg\" alt=\"\" class=\"wp-image-3581\"\/><\/figure>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"QR_codes_-_The_key_benefits\"><\/span>QR codes &#8211; The key benefits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol><li>Convenient and contactless, and real-time<br>QR codes can be placed anywhere: outside a payment counter or shop, on websites, or in emails. Customers can complete payments instantly from a safe distance.&nbsp;<\/li><li>Improved customer experience<br>QR codes for payments eliminate the need for cards or payment terminals \u2013 a smartphone can do the job.&nbsp;<\/li><li>A secure payment alternative<br>QR codes are more secure than card payments: all data is encrypted, and if paid through a website QR code, customers need not fill in any bank details.<br><\/li><li>Payment Reconciliation<br>Every payment is reconciled in real-time, and the ledgers are updated. While it is convenient for customers,&nbsp;<a href=\"https:\/\/decentro.tech\/products\/virtual-accounts\/\">virtual accounts APIs<\/a> make it easier for businesses.<br><\/li><li>Saving on commissions and processing fees<br>While vendors can get payments instantly via QR codes &amp; UPI, small merchants get to save the commission or transaction fees to payment gateways. With high-volume <a href=\"https:\/\/decentro.tech\/blog\/overcome-online-b2b-payments-challenges\/\">B2B payments<\/a>, SMEs can save big by using QR code payments and avoiding paying hefty processing fees.<\/li><\/ol>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_can_Decentro_empower_businesses_with_QR_codes_for_payment\"><\/span>How can Decentro empower businesses with QR codes for payment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Get_Static_or_Dynamic_QR_Payment_Codes\"><\/span>Get Static or Dynamic QR Payment Codes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Decentro\u2019s <a href=\"https:\/\/decentro.tech\/products\/payments\/\">Payments APIs<\/a> help you create static or dynamic QR codes based on your business needs. Be it <a href=\"https:\/\/decentro.tech\/blog\/list-of-best-neobanking-apps-india\/\">neobanks<\/a>, <a href=\"https:\/\/decentro.tech\/blog\/digital-lending\" target=\"_blank\" rel=\"noreferrer noopener\">fintech lenders<\/a>, <a href=\"https:\/\/decentro.tech\/blog\/top-gig-economy-platforms-from-india\/\">gig economy platforms<\/a>, or <a href=\"https:\/\/decentro.tech\/blog\/list-of-top-upcoming-nbfcs-india\/\">NBFCs<\/a>, Decentro\u2019s payment stack supports multiple modes of transfers including bank transfers, <a href=\"https:\/\/decentro.tech\/blog\/what-is-upi\" target=\"_blank\" rel=\"noreferrer noopener\">UPI<\/a>, and QR code payments. With <a href=\"https:\/\/decentro.tech\/blog\/what-are-virtual-accounts\/\">virtual accounts<\/a> created exclusively for your business, you can receive payments in real-time!&nbsp;<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Branded_or_White-labeled_UPI_IDs\"><\/span>Branded or White-labeled UPI IDs&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Branded UPI IDs instill confidence in customers. Decentro can help you brand the UPI IDs in the name of your business, making way for a better customer experience!&nbsp;<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Simplified_Split_Payments_Commission_Settlements\"><\/span>Simplified Split Payments &amp; Commission Settlements&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Keeping track of the money flow can be a hassle for businesses with more than one branch. Decentro\u2019s <a href=\"https:\/\/decentro.tech\/blog\/split-payments-commission-settlements-for-businesses\/\">split payments<\/a> feature helps a business with real-time bookkeeping, irrespective of which outlet the money flows from!&nbsp;<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Payment_Reconciliation\"><\/span>Payment Reconciliation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Offline businesses often face trouble figuring out missed payments, reversed transactions, etc.. Decentro\u2019s real-time payment reconciliation via <a href=\"https:\/\/decentro.tech\/products\/virtual-accounts\/\">virtual accounts APIs<\/a> keeps your ledgers updated, and you can create multiple accounts too!<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Speed_of_Integration\"><\/span>Speed of Integration<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You perhaps liked all the features which fit well with your business needs. Suppose you are wondering how soon you get started with the integration. In that case, Decentro\u2019s financial &amp; banking APIs are built to enable you to go live in about two weeks, compared to the months traditional financial institutions typically take. This also means reduced expenses of up to 90%!&nbsp;<\/p>\n\n\n\n<p>Drop us a message at <strong>hello@decentro.tech<\/strong> if you think now\u2019s the time you want to get the best of QR code payments and make your customer transactions straightforward and secure.<\/p>\n\n\n\n<p>We can help!&nbsp;<\/p>\n\n\n\n<p>By the way, You also even scan the QR code below to reach us.&nbsp;<\/p>\n\n\n\n<p>Just for the feel of it, cheers!<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"400\" height=\"400\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/Sign-Up-QR-3.png\" alt=\"\" class=\"wp-image-3591\"\/><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s an in-depth guide to unlocking the potential of QR codes for secure &#038; contactless payments. Elevate customer experience, save on fees, and go live in 2 weeks with Decentro&#8217;s Banking APIs.<\/p>\n","protected":false},"author":5,"featured_media":4696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Does a QR Code Payment Work? - Decentro<\/title>\n<meta name=\"description\" content=\"Here&#039;s an in-depth guide to unlocking the potential of QR codes for secure &amp; contactless payments. Elevate customer experience, save on fees, and go live in 2 weeks with Decentro&#039;s Banking APIs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/decentro.tech\/blog\/how-does-qr-code-payment-work\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Does a QR Code Payment Work? - Decentro\" \/>\n<meta property=\"og:description\" content=\"Here&#039;s an in-depth guide to unlocking the potential of QR codes for secure &amp; contactless payments. 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