What is a QR Code & How Will it Benefit Your Business?

The days of carrying cash and swiping credit cards may soon be a thing of the past as businesses increasingly turn to QR codes for payments. QR codes, the square-shaped barcodes that can be scanned with a smartphone, are revolutionising how we pay for goods and services. With the rise of UPI payment apps in India, businesses are now adopting UPI QR codes as a secure and convenient payment option.

In this article, we’ll explore what QR codes are, how to pay through UPI, and more details regarding the same. So, let’s dive in!

What is a UPI QR Code?

A UPI QR code is a two-dimensional matrix barcode designed for scanning using the smartphone’s camera. When scanned, the code provides access to information, links, or payment options. 

QR codes possess the capability to store a substantial volume of data and can be readily generated and printed with ease. Therefore, the rise of UPI payment apps in India has seen a surge in the use of QR codes for payments.

UPI QR codes allow customers to pay merchants directly from their bank account using the payment app. To initiate the UPI app, customers must scan the merchant’s QR code and enter the amount to be paid. And, there you go, the transaction will get completed instantly without any fees. 

Benefits of QR Codes for Businesses

QR codes have quickly become an indispensable tool for businesses, offering numerous benefits, from enhancing customer experience to improving efficiency and reducing costs. Some of these benefits are listed below:

Improved Customer Experience 

QR codes make payments quick and easy for customers. There is no need to carry cash or cards or wait for change. With your smart device, stable internet connection, and UPI payment app, you can make instant payments. This, therefore, leads to a more convenient and streamlined customer experience, which can increase customer loyalty.

Lower Transaction Fees 

UPI QR codes have lower transaction fees than other payment modes, such as credit cards. This can potentially result in cost savings for enterprises, particularly those operating on a smaller scale.

Increased Efficiency 

This payment mode has the capacity to expedite the payment process, thereby diminishing checkout times and enabling staff to allocate their attention to alternative responsibilities. This heightened efficiency can result in increased sales and an enhanced customer experience.

Better Tracking 

QR codes can be linked to a specific product, offer, or campaign, allowing businesses to track the success of their marketing efforts. Businesses can utilise this information to enhance their marketing plans.

Contactless Payments

In the age of COVID, contactless payments have become increasingly popular. QR codes allow for contactless payments, reducing the risk of transmission of the virus.

How to Make Payments Using a UPI QR Code?

To use a UPI QR code for payments, customers must install a payment app on their smartphones. Bajaj Pay UPI is one of the reliable online payment platforms by Bajaj Finserv that allows users to make payments instantly with a few taps on their smartphone. It offers a range of payment methods, like bank transfers, mobile wallet payments, and credit/debit card payments. 

The UPI payment app offers an autopay feature to make instant payments for repetitive services like bill payments, mobile recharge, and more. These additional services ensure that users can quickly pay for their expenses while staying in their comfort zone.

The below-listed steps will help to make a payment through UPI:

  • Select ‘Scan any QR’ on the Bajaj Finserv app
  • Scan the merchant’s QR code
  • Enter the amount to be paid
  • Choose the preferred bank account linked to your UPI
  • Enter your secret PIN to verify and authorise the transaction

And that’s it! It’s that simple. UPI QR codes make payments quick, easy, and secure.

To Wrap It Up

QR codes are essential for businesses looking to streamline their payment processes and improve customer experience. UPI QR code offers increased efficiency and better tracking for businesses. Customers benefit from a convenient, contactless payment option, ultimately benefiting the business.

The Bajaj Pay UPI feature of the Bajaj Finserv app is an excellent choice for businesses looking to accept UPI payments through QR codes. The application ensures security, user-friendliness, and a plethora of features designed to assist businesses in effectively overseeing their payment processes. With the increasing popularity of UPI payments in India, it’s time for businesses to adopt this technology and reap the benefits.

Don’t miss out on the benefits of this powerful tool – try the ‘Scan any QR’ feature through the Bajaj Finserv app today and discover the endless possibilities for your business growth!

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