The answer to the above question is a ‘yes’. More and more online retailers and resellers are using the QR code to make the life of their customers easy. With demonetization in India in 2016, there was a huge cash crunch in the country. It was only with the help of the online virtual wallets of companies like Paytm and Mobiquick that the common man was able to go about his routine work and expenses without much ado.
While shopping at the local grocery store or paying the auto rickshaw driver, the general method of making payments using the QR code involves scanning the QR code displayed by the store or the auto-driver somewhere in the premises or within the vehicle. Once the code has been scanned, one needs to enter the amount and click the ‘Pay’ or the ‘send’ button. Some of the mobile wallets ask for authentication with a one-time password too for accepting payments. To be able to pay using the mobile wallet, the customer must have:-
- A smart phone
- Download the virtual wallet App of an aggregator.
- Internet connection
The virtual wallet using the QR codes is being preferred by more and more customers. Cashless payments have always attracted the Indian market. When credit cards and debit cards were introduced, people took to using these payment methods immediately and with complete ease. With online payments, Netbanking too is now opted for by the common man. The online wallet payment system has taken the entire market by storm. Even foreign tourists prefer this mode of payment. One of the major providers of the Indian virtual wallet system has reported a 400% increase in the QR code transactions in 2017 over the previous year. The reasons why this method of payment is being favored by customers and merchants are:-
- For customers
- Ease of use – even people with zero knowledge of mobile and online payments can relate to this mode because it simply needs manual scanning of the QR code. No need to worry about payments of paisa and changes.
- Supported by powerful payment gateways, they are reliable and secure methods of making payments.
- The expense is traceable and hence reduces chances of over-spending.
- Easy to download Apps and understand the functioning
- Paperless transaction. Hence supports environmental cause too.
- For merchants
- Cost effective method of accepting digital payment compared to the conventional method of accepting payments via credit and debit cards.
The point is that virtual wallets are slowly becoming the most acceptable form of making and collecting payments. It not only minimizes the chances of theft of cash, credit and debit cards, it also helps empower the consumer as more and more retailers –offline and online – support this method of payment. Since no two QR code is same, retailers also feel safe adopting this payment method. In such a scenario, QR codes will find more and more users as India gradually moves towards a cashless and card-less society.