QR Payment

Meaning :

Quick response payment refers to fast, real-time digital transactions that are completed instantly through methods such as QR scanning, UPI, mobile wallets, or NFC

tap-and-pay. This system eliminates delays and manual entry, enabling smooth and  secure fund transfers.

Example : 

For example, using tap-and-pay on a debit card for instant checkout at a  supermarket demonstrates quick response payment in action.

How to Understand : 

Consider quick response payments as the quickest route to transfer money from your  bank account to a merchant.

There’s no need for swiping cards, entering PINs (for small payments), or handling cash.

Advanced technology automates the transfer process, making it happen instantly.

Importance :

These payments are secure, contactless, and extremely fast, providing convenience for users.

They support a cashless economy by encouraging digital transactions.

Quick response payments help reduce errors, long queues, and physical contact during  transactions.

Innovations like UPI Tap-and-Pay and biometric payments enhance the speed and  security of these transactions.