Digital payment approaches are the new normal
Living in present times, following covid19 precautions, most retail businesses are now accepting digital payments. It is also noticed that most commonly used payment acceptance solutions are online payments via QR codes. Digital payment approaches are the new normal as it has become an integral part of our daily lives.
QR codes has been noticed in various all types of shops like stationery, medical, dairy, supermarkets, etc. One of the reasons they are becoming popular is payment acceptance via QR codes follows the norm of social distancing. Customers, as well as merchants, can deal with this payment solution following safe distancing. There is a risk of letting mobile numbers or billers code to be released, it could lead to a scam. Using QR codes steers clear and eliminates this fraudulent possibility. QR codes does not require much by clients to require any additional hardware to pay via them. QR codes are easy to generate and just require a smartphone with a camera.
QR codes: Quick Response Code comprises of a pattern of black barcodes or squares set in a square grid on a white background. These codes can be read through the QR code scanner. Nowadays many mobile cameras come with inbuilt scanners. They are similar to barcodes, the difference is, QR codes can store a large amount of data compared to barcodes. QR codes generally create a sort of pixel pattern with each part containing a piece of information. In the case of digital payments, the information can be, merchants’ details, transaction details, etc. The QR codes (for payment acceptance) generally carry commands related to transactions. Businesses can generate QR codes for shops, or for any amount. According to this command, the QR code is generated. It opens a payment link, confirms payment, or carries out any other operation. The customer just needs to scan it and then transfer payment. For scanning QR codes, you require a barcode reader/ QR scanner.
The main characteristic of the QR code is a set of three squares that are placed in three corners. The overall size of the matrix can also vary. Smaller the matrix less is the information and larger the size more the information. The QR code is two dimensional, it has more data than a one-dimensional bar code. QR codes provide the best online payment acceptance solutions for merchants.
Benefits of using QR code payments includes that it is on the spot payments. QR codes facilitate instant payment, but online payment can also be extremely quick compared to other methods. A customer just has to open the QR code application to scan the code and pay. After the confirmation ing the payment processing, payment is done within a few seconds.
Most of us considered contactless payments to be trendy before the Covid-19 pandemic. Business owners were unable to foresee the purpose to implement contactless systems. Being expensive to install it required technique to operate with not much of return on the investment. After coronavirus hit us, a lot needed to be changed for making contactless payments. We can see reluctance in touching PIN-pads, currency, pens, and receipts by people.
When we scan a QR code, it instructs the smartphone to navigate to a URL. Instructions, including the URL itself, are embedded in the two-dimensional barcode image. In most QR-code-based payment systems, the customer and the merchant receive a payment-completion notification instantly. When a merchant asks to see the customer’s electronic receipt (displayed on the phone) the merchant can double check to see if the payment was received. Satisfactory to parties, the transaction is complete and the customer is able to take the product or service.
This process ensures that a customer does not touch anything except personal smartphone. The merchant needs to look at a computer monitor, smartphone, tablet, or any internet-connected device. With a new QR payment option in its product line, ePaisa plans to reach every business segment in the Retail industry, Local Transport Services, especially Small Merchants in tier II, III, IV cities, where still cash is the primary payment mode.
ePaisa contributes to the Government’s vision of digital & Cash-less India has partnered with ICICI bank as its payment gateway for all its UPI transactions. Currently, ePaisa is empowering more retailers and kirana stores across the country to accept digital payments and further contributing their business growth.