The advances in technology have provided various payment options for consumers. One such is scan pay. It is the most convenient way of paying for goods and services without having to deal in cash.
A customer needs to scan a QR code using their smartphone to complete the payment within a few seconds. The days of going to the ATM and having to carry cash in the wallet when out shopping are long gone. We are living in a more connected world where digital payments are becoming more popular.
In this article, we will look at QR codes, understand how scan pay works, and briefly look at UPI which is the most popular digital payment mode in the country.
What are QR Codes?
QR codes are images with digital information stored within their pixels. This information can include banking, products, a website link, etc. They can be scanned using a compatible app on a user’s smartphone to reveal the information within the pixels and use that information to pay for goods and services.
How does Scan-Pay work?
- The process is straightforward. Here’s how it works!
- The user scans the QR code using a digital wallet, UPI application, or any other compatible app
- Payment-related information is then displayed on the user’s smartphone screen
- The user needs to authenticate the transaction using either a PIN or a password
- The money is directly debited from the user’s account and credited to the business account to complete the transaction.
The process is contactless and much safer as there are no cash dealings. All transactions take place via direct bank transfers in case of UPI transactions.
What is UPI?
UPI stands for United Payments Interface, a platform developed by the Government of India to work seamlessly across all banking and card networks. The platform is one of the most popular payment methods in the country with millions of transactions taking place every month. It’s a one-off system, with no other system comparable to it.
Moreover, all transactions happen over secure servers without either party needing to disclose banking information to the other to collect or make payments making is one of the safest digital payment platforms in the world.
Benefits of Scan Pay
Now that we have had a look at QR codes, how scan pay works, and UPI. Let us see the benefits of using scan pay for your business!
- Faster and Secure Transactions: Scan pay via QR codes allow for much faster and safer transactions as they are end-to-end encrypted, and no banking information requires to be shared by either the merchant or the customer. The transactions hardly take a few seconds to go through making scan pay transactions one of the fastest methods of digital payments.
- Reduced Queues: Multiple transactions can take place at once, and multiple people can scan pay using the QR codes simultaneously. It makes the process much faster. It gives a more satisfying buying experience to consumers.
- Zero Investment: It only takes a basic QR code printout for scan pay to work. It does not need any investment and even the smallest of business owners can collect digital payments without spending anything more than the cost of getting a QR code printout.
The benefits of scan pay in today’s competitive market cannot be stressed enough. So, if you are a business owner and want to start collecting digital payments from customers with zero investment then it’s time to get a QR code, print it out, and display it somewhere easy for the customers to find and scan it!