Paying digitally for purchases is convenient, quick, and safe. It helps both sellers and buyers equally. Over the years, digital payment methods have evolved, making the payment process easier with each advancement and update.
Since the last two years, QR codes have become quite popular and in a way are now an intrinsic part of everyone’s shopping experience. Every type of business, irrespective of whether it is present in an online or offline setup, uses QR codes to accept money from customers.
If you have plans to start a business or already run one and want to accept money via QR code, this article will tell you everything you need to know about it.
What is a QR code?
Japanese auto company Denso Wave invented QR codes in 1994. It is a 2-dimensional matrix barcode that can be read by machines such as smartphones and barcode readers.
QR codes can contain up to 4,000 characters including phone numbers and website links. Once the QR code is scanned, it redirects users to the web page or phone number fed into it.
QR codes can be used for a lot of things including:
- Storing encryption details for WiFi access
- Verifying login details
- Helping users download apps
- Providing details of items, for example, an artefact in a museum
- Sending and accepting money
Interesting Read: Difference Between Barcode and QR Code
For digital payment purposes, these QR codes carry the payment information of the merchant or an individual such as their UPI ID and other bank account information.
There are three different types of QR codes.
- Static QR code
- All-in-One QR code
- Dynamic QR code
What is a static QR code?
A QR code whose information can not be changed after creating it is called a static QR code. As the name suggests, the information is fixed and it is embedded into the code itself.
Static QR codes are quite useful when you need not update the information, for example letting users scan them to access a discount coupon, run an ad campaign, and sign-up form during an event, etc.
What is a static QR code used for?
They are largely used to lead consumers to a website by placing them on a flyer, or newspaper ad, help them send an email by feeding the email address in the code, add business cards, etc.
However, one drawback of static QR codes is that you can’t track who and how many people scanned them.
What is a dynamic QR code?
A QR code whose information can be changed as many times as you wish is called a dynamic QR code. You can add, edit or change the whole information in a dynamic QR code without having to change the code or print a new one.
Unlike a static QR code, the information is not directly embedded in the dynamic QR code. The information, instead is added to a website, which one can access after scanning the dynamic QR code.
Interesting Read: 0% MDR with QR Codes: Should You Accept This Offer?
An added advantage of a dynamic QR code is that you can track it and learn how users are interacting with it after scanning the code.
What is a dynamic QR code used for?
Dynamic QR codes have a wide number of use cases, which is why a bevy of industries utilise them for various purposes. Right from the entertainment industry to promote immersive experiences such as virtual reality and artificial reality, to insurance, tourism, and hospitality industries have deployed dynamic QR codes.
But most importantly, the fintech industry has had the most successful stint with using dynamic QR codes.
Dynamic QR codes are widely used by fintech companies, banks, and NBFCs to help merchants and individuals transfer money digitally.
In the first quarter of 2022, more than 40% of India’s population used QR codes for digital payments.
You can download Paytm dynamic QR code to accept digital payments from customers in your store. Paytm dynamic QR code can be displayed on the POS device to make it easily accessible to customers.
You can even print QR codes on delivery parcels so your delivery person can show them to customers and accept money while making the delivery.
What is an All-in-One QR Code?
All-in-One QR codes have multi-purpose usage as they contain more than one URL. Users can scan an all-in-one QR code, which will give them multiple options to choose from. For example, an all-in-one QR code of a retail chain can ask users to choose whether they want to go to their social media handle or e-commerce store.
All-in-One QR codes come under the purview of dynamic QR codes, but the vice-versa is not true.
Paytm Payment Gateway launched All-in-One QR code in January 2020 to enable merchants accept payments from customers using multiple payment options such as Paytm Wallet, RuPay cards, and other UPI apps.
Advantages of Paytm All-in-One QR code
Paytm’s All-in-One QR code is powerful when it comes to accepting payments and managing money online. Here are the advantages of Paytm All-in-One QR code for your business:
- All payment options: You can offer your customers all payment options including non-Paytm UPI apps, Paytm Postpaid, Paytm Wallet, and RuPay cards.
- 0% MDR: Accepting money via Paytm All-in-One QR code means you don’t have to pay any MDR (Merchant Discount Rate).
- Quick settlement: As a merchant, you don’t have to worry about the settlement with Paytm All-in-One QR code. All the payments you receive will get settled within T+1 days, that is in one working day.
- Analytics: As a part of Paytm All-in-One QR code, you get to understand how your customers are paying for their purchases. You can rely on the deep insights from Paytm Analytics to plan your next move for your business growth.
How can you get Paytm All-in-One QR code?
If you want your hands on Paytm All-in-One QR code, you can get one easily through Paytm for Business app or the dashboard.
Step 1: Go to your Paytm dashboard or Paytm for Business app.
Step 2: Click on “Show QR Code”
Step 3: On the next page you can either choose to download your QR code or order your QR code, which will reach you in a customised placard. If you want to start using your All-in-One QR code right away, simply click on “Download My QR Code.” Your All-in-One QR code is activated and you can start using it to accept money online by printing the QR code.
Step 4: Scan the QR code and click on “Activate Code.”
Conclusion
Paytm All-in-One QR code is a simple and easy tool for merchants to start accepting money. You can activate it with just a few taps on your smartphone.
