QR Codes: Full Form, Types, Uses, How Does it Work
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  • Personal
  • Business
  • Corporate
  • Private Banking
  • Privy League
  • NRI Services
  • Investors

QR codes are no longer an alien term. You hear it now and then. Are you aware of what they are and the functions they serve? QR codes have become essential to our lives, connecting us with the online world. You have probably seen them in magazines, packaging, and even the menus of your favourite restaurants. Popular banks like Kotak Mahindra Bank provide QR codes to empower customers to make simple, secure and fast transactions.

But what is a QR code? And why are they so popular? In this article, we’ll take you on a journey to uncover the full form of a QR code, the types of QR codes, what is a QR scanner, and more.

What is the full form of the QR code?

The full form of QR stands for “Quick Response.” It’s a two-dimensional bar code developed by Denso Wave, a Japanese company, in 1994. QR codes store data in both vertical and horizontal orientations. It means that data can be encoded and decoded more quickly and efficiently.

Different Types of QR codes?

There are many types of QR codes, but not all are identical. They are designed differently, and each one has its own purpose. Let's look at the three main types you might come across.

  • Numeric QR codes: These QR codes are great for coding numbers, keeping inventory, and tracking serial numbers.
  • Alphanumeric QR codes: An alphanumeric QR code is a type of QR code that stores letters and numbers. This QR code can be used for web links, phone numbers, text messages, etc.
  • Binary QR codes: Binary QR codes are the best way to store data in binary format, perfect for more complex data like storing pictures, sound, and more.

How Does a QR Code Work?

Here's how a QR code works.

  • Activation: The process starts when the QR code scanner is opened on your device. It can be done using a separate app or a built-in QR code scanner on modern smartphones.
  • Scanning: Once the QR code is within the camera's view, the scanner reads the QR code's pattern. This pattern consists of black squares and dots on a white background.
  • Confirmation: The scanner interprets the data within the QR code and acts. This can be getting redirected to a website, displaying text, initiating a payment transaction, or others. Authentication processes are in place to protect financial transactions and ensure they are safe and reliable.

What Are QR Codes Used For?

QR codes have found diverse applications across various industries and daily life, including:

  • Contactless payments: QR codes are mostly used to conduct financial transactions. It allows users to make contactless payments without being physically present. Consumers can complete transactions by scanning a code at a point of sale, offering convenience and safety.
  • Marketing and promotions: QR codes provide quick access to websites, videos, or other promotional content. They engage users in interactive and unique marketing strategies.
  • Ordering and Ticketing: Airlines, cinemas, and restaurants have adopted QR codes for paperless ticketing, easy check-in processes, and ordering, reducing the need for physical interactions.
  • Download Apps: Businesses can use QR codes for advertising campaigns. The App Store provides a unique QR code for every app, and people can use the code to download the particular application, increasing consumer interaction.

How do you Make Payments using a QR code?

Making payments through QR codes is a convenient and secure process. Follow these simple steps:

  • Open your payment app: Download and open a payment app on your smartphone that supports QR code payments.
  • Scan the QR code: Open the app and select the "Scan QR code" option during payment.
  • Enter the payment amount: Once you have scanned the QR code, you will be redirected to enter the payment amount. Enter the details, and confirm it with the password. Then, the payment will be processed securely and swiftly.

Features and Benefits of a QR code

QR codes offer several features and benefits, contributing to their widespread popularity and use. A few of them are listed below.

  • Speed and Efficiency: QR codes can be easily scanned, reducing the time and energy needed to make cash or card payments. QR code users have increased because they appreciate the convenience of this swift technology.
  • Contactless Transactions: In a world highly focused on hygiene, contactless payments using QR codes have become more popular. It offers convenience to users and businesses, and its flexibility allows safety and accessibility.

How can we Scan a QR Code from a Screenshot?

Scanning a QR code from a screenshot is easy to access information. Here are the steps to do it:.

  • Open Your QR Code Scanner App: Ensure you have a payments app with a QR code scanner or a separate app installed on your device. If not, download a scanner from your device's app store.
  • Select the Option to Scan from a Photo: In the app, choose the "Scan from photo" or a similar option. This will allow you to browse photos from your phone’s gallery and select the screenshot that contains the QR code.
  • Confirm the Action: Once you have selected the screenshot and the app recognises the QR code in the screenshot, it will offer you an action to perform, such as opening a website, making the payment or adding contact information to your phone. Confirm the action to proceed.

What are QR Code Scanners?

QR Code Scanners are a tool to decode the information stored in QR Codes. Using a QR code scanner activates your device's camera, which reads the pattern of black squares on the QR code. It interprets this pattern and takes the necessary action, whether opening a website, displaying text, or processing a payment. They're available on your phone, tablet, or computer and can help you quickly and easily decipher the data stored inside the code. They're designed to recognise patterns and data structures so you can access the information you need quickly and easily.

Why are QR Codes Relevant to Mobile Payments?

Mobile payments have become popular in the past few years as they offer convenience and security. Let’s take a look at the two reasons for QR code relevance:

  • Security: Carrying cash involves many risks, like theft or loss. However, QR payments secure financial transactions with encryption and authentication measures. This allows users to make transactions with confidence.
  • Convenience: QR codes make transacting money easy and convenient. Without carrying cash or cards, you can make or receive payments from anyone with just a few taps on a smartphone.

How QR Codes Help Merchants Grow Their Business?

With the help of QR code scanners, businesses can have quicker access to their income by transferring payments to the current account. It provides them with a simple, secure and easy mode of payment collection. 

To sum up, QR code details are more than just a way to store data. They've become a universal tool with a ton of different uses. Whether you're looking to access info, make payments, or improve your marketing, QR codes are part of our everyday lives. For example, leading names like Kotak Mahindra Bank provide QR codes to make transactions faster, safer, and better for customers. As technology advances, QR codes stay at the top of the innovation chain, connecting the real and digital worlds easily and quickly.

Also Read: What Are The Features & Benefits Of Having A Current Account?

FAQ’s About QR Code

1. Can I scan a QR code without an app?

Yes, you can scan a QR code without an app. Most smartphones have built-in cameras with QR code scanning functionality in their default camera apps.

2. What is the definition of the QR code?

 A QR code is a two-dimensional barcode that stores information. It stands for "Quick Response," and it can encode various data types, such as URLs, text, or contact information.

3. How does a QR code scanner payment work?

A QR code scanner payment involves scanning a QR code linked to a payment system using a mobile app. This allows quick and secure transactions by transferring payment information.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.