Payments Through QR Codes Increases By 34 Percent
January 17, 2021 | Investopaper
The use of QR codes has increased by 43 percent when consumers purchase goods and services. According to the NRB, the QR code was used 241,000 times for payment in Karthik. Such number has increased to 343,000 times in Mangsir Payments through this medium have also increased by about 34 percent during the period. From the use of QR code, about Rs 93 crores worth of payment was made in Karthik which increased to Rs 1.25 Arba in Mangsir.
QR code is a shortened form of Quick response code. It is considered to be the easiest medium in digital banking so far. It is mainly of two types, dynamic and static. Suppose a merchant receives payment through a QR code, then the purchasing customer scans the QR code. After scanning the code, the name of the shop and the bank account number appear on the customer’s mobile screen.
If the shopkeeper is given a static code from the bank, the money will go from the customer’s account after typing the amount to be paid and entering the PIN number. If it is a dynamic code, the amount to be paid is also shown in the screen and the customer can send it after verification. Dynamic code can be used only for the payment of the item with a bar code. The QR code now allows transactions up to Rs 1 lakh per day and up to Rs 1 lakh per month.
The QR code was first used as a means of payment in the Naxal vegetable market on Poush 10. Recently, the use of such payment method has been started in Kalimati vegetable market as well.
Banks are encouraging customers to use this payment system as an alternative to checks. After scanning and approving the QR code from the customer’s mobile, the customer will get the same amount of cash as approved from the bank’s counter.
