BravoFilipino.com | QR Code Payments: What They Are and Why They’re Getting Popular | Nowadays, QR codes seem to be everywhere. You find them in all kinds of packaging, signages, and even posters. They’re also commonly seen at checkout counters when you’re making a purchase, using a coupon, or giving customer feedback. Indeed, QR codes are surely becoming more integrated into how people share and transfer both money and information in more and more parts of the world—including the Philippines.
QR codes are especially useful in e-wallets. Philippines-based residents who are used to online banking and payment apps may already be aware of this convenient feature. But what exactly are they? And how do they work? To find out more QR codes, here’s a quick rundown of what they are and why they’re becoming more popular:
What is a QR Code?
QR code is short for Quick Response code. It is a two-dimensional barcode comprised of patterns of black dots and white spaces systematically arranged in a square grid. The patterns store different kinds of information, including bank account details, phone numbers, and e-mail addresses. You simply need a smartphone with a camera and a QR scanning app to capture and translate the code into readable text.
For a quick background, the humble beginnings of QR codes began in Japan. Back in 1994, Masahiro Hara, along with a team of two, developed the matrix for the QR code. It was mainly created to help Japan’s automotive industry. DENSO WAVE, a subsidiary manufacturing company, wanted a more evolved barcode technology that can store more information and help them track vehicles and parts.
That said, the use of QR codes has gone beyond the auto industry. And because the developers didn’t patent it, QR codes became open-source technology. This means that everyone can use and adapt it to their own projects and applications. As technology advanced and smartphones became more widely available, so did QR codes. While they are more commonly used for e-payments and online banking, they are currently gaining more traction in the marketing and e-commerce industry.
How are QR Codes Useful?
The usage of QR codes wouldn’t have been as widespread if they were not especially functional. Indeed, the popularity of QR codes is evidence of not only their effectiveness but also their potential in different industries. Here are some of the ways QR codes are useful:
More Payment Options
As technology evolves, so does the methods in which people transact. Payments are becoming faster, easier, and more convenient. With the widespread use of smartphones, e-wallets are becoming more popular. QR codes are simply one of the convenient features that you can utilize for smoother transactions.
For example, you send money to your relatives every payday. Instead of copy-pasting the account number and double-checking the info each time, you can save their QR code on your phone instead. This saves you more time and energy in the long run.
As mentioned earlier, one of the key perks of QR codes is their ability to store a lot of information. In fact, they can store up to 7089 digits or 4296 characters. Aside from letters, this includes punctuation marks and special characters as well.
Some of the information they can store include:
- Simple text (i.e. messages, greetings)
- Personal details (i.e. addresses, names)
- Phone numbers (i.e. landlines, cellphone numbers)
- E-mail addresses (i.e. personal or business e-mail)
- Payment details (i.e. account numbers, bank names)
- WiFi authentication (i.e. SSID, password)
- URLs and links (mainly used in marketing)
That said, the true limit of what you can store in a QR code lies in your imagination. Considering that you can store URLs in QR codes and redirect visitors to different websites, the amount of information you can share is virtually countless.
Safer Method of Storing and Sharing Information
The great thing about QR codes is that the information is hidden or encrypted. As a result, not everyone can immediately access the specific information the QR code contains.
For example, you’re selling a piece of furniture on social media, and a potential customer asks to pay via funds transfer. Instead of giving your account details explicitly to the other person, you can just give your account’s generated QR code. In this manner, your personal data are kept from the other person and helps prevent them from misusing it for malicious purposes.
Versatility and Accessibility
Each payment and banking app has specific features to use QR codes, including generators and scanners. However, if you want a QR code for your own personal use, take advantage of the several QR generators you can find online.
There are countless ways to use QR codes. On a personal level, you can use them on your business cards to link to your social media pages or online portfolio. On a company level, you can integrate them into your promotional materials, including posters, business cards, and even billboards. In this manner, you can easily share information with a snap of a picture.
Overall, QR codes are advantageous in several distinct ways. Indeed, you can use them in e-wallets, product displays, and even marketing materials. Make sure to take advantage of their features for easier purchasing and smoother transactions.