QR Code

Meaning :

A QR (Quick Response) Code is defined as a digital black-and-white square pattern that stores various types of information, including payment details, website

links, customer IDs, or product data. When scanned with a smartphone, it instantly retrieves and displays the stored information, acting as a digital bridge between the user and the system for quick and secure data transfer.

Example : 

For example, you can scan a UPI QR code at a shop to make an instant  payment without needing to enter any details manually.

How to Understand : 

Consider a QR code as a small digital storage box that holds information.

When your phone scans the QR code, it opens the box and provides you with the  information immediately, whether it’s a payment page, a website, or product details.

This technology eliminates the need for typing, making data transfer automatic and  efficient.

Importance :

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

They enable small merchants to accept cashless payments easily, enhancing their  business operations.

QR codes promote financial inclusion by making digital payment methods accessible to a

wider audience.

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