QR Code

Meaning :

A QR (Quick Response) Code is a digital black-and-white square pattern that stores information like payment details, website links, customer IDs, or product data.

When you scan it with a smartphone, it quickly shows the information stored in it. It acts  like a digital bridge between you and the system, allowing for fast and secure data  transfer.

Example : 

For instance, you can scan a UPI QR code at a shop to make an instant  payment.

How to Understand : 

Think of a QR code as a small digital storage box.

When your phone scans it, the box opens and gives you information instantly, whether  it’s a payment page, a website, or product details.

It removes the need for typing and makes sharing information automatic.

Importance :

QR codes make digital payments fast, contactless, and secure.

They help small merchants accept cashless payments easily.

QR codes support financial inclusion by making it easier for everyone to use digital payments.

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