With Unified Payment Interface – often known as UPI – gaining traction in the Indian payment systems, more and more ways are becoming commonplace that accepts UPI payments. Using a UPI ID, a mobile number, or a QR code has made accepting and making payments simpler. Additionally, despite the fact that this approach may now be easily accessible, you may be left wondering how to generate UPI QR codes and what benefits they give to organisations. So, Let’s learn more about it!
What is a UPI QR Code Generator?
Firstly, let’s understand what is UPI and what is QR code individually.
UPI (Unified Payments Interface) is a digital payment system that allows you to securely conduct online transactions by linking your bank account to a mobile application. The money is moved instantaneously from one bank account to another, and the banks do not charge any transaction fees.
A QR Code stands for ”Quick Response Code” which is a type of barcode that is simple for a digital device to read and carries data in the form of a string of pixels arranged in a square-cornered grid. Because many smartphones have built-in QR readers, QR codes are frequently utilised in marketing and promotional campaigns. They are also frequently used to track information about products in a supply chain. They have been crucial in recent efforts to track coronavirus exposure and restrict the virus’s growth.
So, the UPI QR code generator generates QR code images that are compatible with all main UPI applications. As long as the merchant’s business is linked to a functional and valid bank account, they may be used.
Features of QR Codes
The following benefits are associated with QR codes for businesses:
1. Encoding a large amount of data with minimal code
A QR code can encode numeric numbers, alphabetic characters, kanji characters, katakana and hiragana characters, symbols, binary data, and control codes.
2. Printing in a confined space
Since QR codes encode data in both the transverse and longitudinal directions, they require approximately ten times less area to represent data than regular barcodes.
3. Readable regardless of scanning angle
No matter the scanning angle, QR Codes may be decoded at great speed. The secret lies in the presence of three location detecting patterns in each code, which enable consistent, high-speed reading independent of backdrop patterns.
4. Resistant to dirt and damage
Since QR codes are equipped with an error-correction feature, data can be recovered* even if a code is partially stained or missing.
Note: Depending on the extent of dirt/damage, it may be impossible to retrieve data.
Benefits of UPI QR Code
- All retailers would be able to accept digital payments via UPI QR code without utilising a Point-of-Sale (POS) swiping system. It would enable users of any bank to use their smartphone app to make debit card payments. The benefit for merchants would be that they would not have to invest in a Point-of-Sale machine, which would also allow them to eliminate the transaction fees levied by banks for utilising a PoS terminal. They will only need to develop the UPI QR code, print it out, and affix it to their payment counter. The payment will be made through IMPS (Immediate Payment Services), and the funds will be deposited into their account immediately.
- In addition, unlike other platforms, retailers would not suffer restrictions on the amount of money they can accept each month via QR code. Additionally, the trouble of transferring funds from a wallet to a bank account will be avoided, making it easier to accept the digital currency.
- The UPI QR code also offers security advantages. Currently, when we swipe our debit or credit card, there is a negligible chance that someone may obtain our sensitive information such as card number, expiration date, or CVV. While the OTP option is permitted for two-factor authentication before a transaction is authenticated, the risk of card information exposure persists. In the case of QR codes, the transaction is performed with enhanced security and the consumer retains control of their card information, which is a significant advantage.
How to generate a UPI QR Code
Using the instructions below, you can simply generate a QR code and begin receiving payments if you are a retailer or shopkeeper.
1. Firstly, ensure that you have a bank account.
2. Link your bank account with BHIM.
3. Generate your unique UPI QR code from BHIM App.
4. Print the QR code and stick it to the wall of the payment counter.
5. That is all, customers can quickly make monetary transactions by scanning your QR code.
5 Facts about UPI QR Code
1. Open payment interface
There are numerous QR-code-based payment interfaces now available. The most prominent are Visa’s mVisa and Mastercard’s MasterPass QR code. However, there is a problem with these QR code-based payment gateways, which is their closed system. It suggests that mVisa will only function for Visa cardholders and MasterPass will only function for MasterCard cardholders. However, with UPI QR Code, any user can make and accept payments with ease.
2. Lower transaction cost of UPI QR
With the launch of the UPI QR code, point-of-sale card-swiping machines are no longer necessary. This makes it less expensive, more secure, and quicker. Going cashless using the UPI QR code reduces costs for both the customer and the retailer because there are no transaction fees involved.
3. Dynamism in making payments
The dynamic payment mode is an alternative payment method. In accordance with this strategy, the merchant will produce a fresh QR code for each transaction. In this case, the customer will not be required to enter the amount, but will instead need to scan the QR code and enter the authorisation code to complete the payment process.
4. Significant teamwork
All major payment gateways functioning in India, including Visa, Mastercard, American Express, and NPCI, have united for the first time to build a unified payment processing platform. Therefore, it makes no difference whether you use a Visa-enabled debit card or a Mastercard-enabled bank account to pay the retailer. The QR code will serve as the universal payment gateway for receiving and making payments from and through any bank or payment gateway.
5. Secure transaction
The usage of a UPI QR code for payment is more secure because the customer’s information is not shared with the merchant. There is a degree of risk associated with point-of-sale terminals of fraud since card information can be copied via skimming technology. This risk is minimised with UPI because you only need to scan and pay.
Conclusion
The UPI QR code is one of the greatest accomplishments of the Indian government in promoting and supporting cashless payments.
However, the future success of this plan will also depend on the public’s awareness of the use of QR codes. Nevertheless, as the economy becomes increasingly cashless, more and more people are using UPI as their primary method of conducting transactions and making payments. So, with this shift in the payment system’s paradigm, businesses have implemented UPI for receiving payments via QR codes. Also, payments have gotten simpler in India thanks to the simplicity of setting up and creating QR codes.
FAQs
1. What is the UPI QR Code generator?
Ans: The UPI QR code generator generates QR code images that are compatible with all main UPI applications. As long as the merchant’s business is linked to a functional and valid bank account, they may be used.
2. What is UPI QR?
Ans: A digital payment acceptance channel called UPI QR (Scan & Pay) is visible at the establishment of business to make it easier for customers to pay by scanning a QR Code from any UPI-connected mobile app.
3. What is a payment QR code generator?
Ans: A payment QR code enables individuals to make mobile payments using their smartphones. You generate a QR code for payment and place it in your store. It enables users to pay you online using their iOS and Android mobile devices.
4. What are the features of QR codes?
Ans: Major features of QR codes are:
1. Encoding a large amount of data with minimal code.
2. Printing in a confined space
3. Readable regardless of scanning angle
4. Resistant to dirt and damage
5. How to generate a UPI QR Code?
Ans: Using the instructions below, you can simply generate a QR code and begin receiving payments if you are a retailer or shopkeeper.
1. Firstly, ensure that you have a bank account.
2. Link your bank account with BHIM.
3. Generate your unique UPI QR code from BHIM App.
4. Finally, print the QR code and stick it to the wall of the payment counter.
5. That is all, customers can quickly make monetary transactions by scanning your QR code.
