QR Code

Meaning :

A QR (Quick Response) Code is defined as a two-dimensional digital black-and- white square pattern that encodes various types of information, such as payment

details, website links, customer IDs, or product data. When scanned using a smartphone,  it retrieves and displays the stored information instantly, serving as a digital bridge  between users and systems for efficient and secure data transfer.

Example : 

For instance, when you scan a UPI QR code at a shop, you can make an instant  payment without the need to input any details manually.

How to Understand : 

Think of a QR code as a compact digital storage box that contains information.

Upon scanning the QR code with your smartphone, the box opens to reveal the

information immediately, whether it’s a payment page, a website, or product  specifications.

This process eliminates the necessity for typing, making data transfer seamless and  automatic.

Importance :

QR codes make digital payments fast, contactless, and secure, enhancing user convenience.

They assist small merchants in accepting cashless payments efficiently, improving their  business capabilities.

QR codes contribute to financial inclusion by making digital payment methods accessible  to diverse populations.

They are widely utilized for UPI payments, bill payments, product identification, and  promotional digital offers.