Though QR codes have become ubiquitous, their origin dates back to 1994, credited to the Japanese company Denso Wave. Since then, these codes have evolved beyond their initial inventory and sales management purpose, now serving myriad functions in our daily lives.
In a recent report by RBI, NPCI, and HSIE, UPI payments via QR codes constituted a remarkable 28% of digital payments in India in 2021, surpassing both credit and debit cards by at least 10%. Let’s delve deeper into this phenomenon.
A QR code, akin to a barcode but with enhanced functionality, comprises a two-dimensional matrix barcode. Nowadays, QR codes are widely used for directing customers to websites, capable of storing information up to 4296 characters, equivalent to approximately 1,000 words. This capacity allows QR codes to carry URLs or other accessible information.
Designed to provide product information upon scanning, each QR code is unique, distinguished by the conversion and storage of information, resulting in varied patterns.
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