Digital payment platforms enable consumers to purchase essential commodities even in the most critical times. In the wake of Covid19, people almost stopped swiping cards and exchanging currency to maintain social distancing. That’s when a robust sharing tool came to our rescue as QR codes. However, these 2D codes were designed long ago in Japan for the manufacturing industry without anticipating their mass consumption. Even though QR code generators have existed for many years, QR code solution providers re-emerged to bring back the economy in a world struggling during a pandemic by becoming the most used mode of payment.
It is crucial for money to circulate in the market to keep the economy from collapsing. QR code solution providers not only facilitate contactless payments but also help in contact tracing. In addition to enabling payments, QR codes have helped several small to medium scale businesses survive by smoothly moving from an offline to an online presence. In a period of hardly any earning, local proprietors cannot invest in designing and developing websites or using expensive software to make that shift. With the help of QR codes, bridging the gap between offline and online platforms became much more accessible.
To encourage cashless transactions and reduce paper currency used in India, even the Goods and Service Tax now has QR codes on invoices. Besides reducing cash dependency, it also helps in case of misplaced invoices. The receiver can scan the QR code instead of asking for a new invoice from the vendor or service provider. It also speeds up the invoice tracking and payment system.
When the economy is in shambles, everything else starts working in a corrective direction. Other digital platforms like Whatsapp came up with a business version, Instagram launched Insta Shop, and there have been other such additions in most social media platforms. If a small collective of weavers finds it challenging to promote in-store sales and invest in a new e-commerce website and regularly update it is unaffordable; promoting various call-to-actions using a QR code generator for Insta shop with product pictures is an easy, pocket-friendly solution.
In addition to facilitating digital transition, they also help with other business operations and information sharing. For instance, restaurants may not be allowing dining on-premises and only delivering food at home. But QR code menus outside the restaurants can also make passers-by interested in ordering a take-away meal, thereby increasing the sale of the industry, which has been one of the worst-hit due to the pandemic.
Homemakers making and selling products from home can send out QR codes for Facebook exhibitions, enabling first time sellers to earn as well. QR codes are also more acceptable because for the consumers to regularly make digitals transactions, the number of merchant points must be significantly high. Countries like India and China are prepared to scale up their network of QR codes.
QR codes give a good user experience without requiring prior knowledge or financial education to use them for payments. It is a quick and easy three-step process of launching an app, scanning a QR code and entering an e-PIN. It also reduces the burden of distributing debit cards for banking institutions. Delivering the card and PIN separately for safety is complex and expensive. Smartphones replacing physical cards make a lot of sense in the current socio-economic scenario.
QR codes connect the physical and digital world in a refreshing and involving manner. QR Code solution providers are an endless opportunity for a digital revolution. It has also resulted in profound behavioural changes in low-income customers and merchants to welcome formal payments in their everyday lives. Online transaction details and alternate data history can expand the scope of credit and other banking services, resulting in a great step for financial inclusion.