Dynamic QR Code: All You Need To Know
The success of a business isn’t decided merely by the quality of products or the number of outlets a merchant has. The purchase experience plays a significant role in deciding the customer’s satisfaction and preference for the store. Long lines, frequent transaction failures, and manual delays will easily compel customers to seek business elsewhere.
QR codes are ingenious tools that create time-effective and seamless transactions. They effectively replace unnecessary human interaction and cater to the merchants’ needs and customer’s preference for a contactless payment.
In this blog post you will learn about QR codes, the difference between static and dynamic QR codes, and finally understand how Innoviti’s patent is empowering offline retail merchants at large.
What is a QR Code?
Quick Response or QR codes are a common sight at kiosks and stores. They’re functionality lies in their name: they are black and white patterns of squares and dots encoded with information, which when scanned is decoded by our smartphone.
In the pandemic and post-pandemic era, QR codes are convenient tools for executing contactless payment.
These codes are embedded with a URL that leads the scanning customer to a payment page of their respective UPI enabled e-wallets.
However, a QR code has other non-payment uses as well. It can redirect the user to other relevant links such as a store catalog or menu. In addition, they can be used for other purposes not limited to payments. Some products come with a QR code printed on their packaging. These QR codes open to interesting offers or a feedback form where customers can register their user experience.
Types of QR Codes:
QR codes are of two types – static and dynamic.
Static QR code:
To scan a static QR code it needs to be printed or physically displayed at the checkout counter.
To pay for a purchase, the customer scans the displayed QR code, enters the amount due and enters their UPI pin on the mobile payment application to authorize the transaction.
Dynamic QR code:
Dynamic QR codes are digital codes produced on merchant devices. These transaction specific codes redirects the user to a landing page where the amount to be collected is already present. These codes, unlike their static counterparts, can be edited and changed from transaction to transaction.
Merchants and customers, both, prefer using dynamic QR codes which can be easily produced in the Innoviti terminal. These make for quick and secure transactions.
Benefits of Dynamic QR Code:
- Quick: Dynamic QR codes can be scanned faster as they are clear and digitally produced.
- Editable: These QR codes are dynamic and can be edited. They are transaction specific.
- Trackable: Merchants are able to track the time and place of each transaction occurring through these QR codes. Such live tracking allows merchants to design personalized marketing campaigns for their customers.
- Secure: A dynamic QR is an excellent tool for contactless payments.
- Reduced Error: A customer can misenter the transaction amount in a hurry. Dynamic QR codes remove scope for such errors as there is no need to manually enter the transaction amount.
Innoviti’s Dynamic QR Code
In a recent collaboration with HDFC bank, Innoviti has integrated the HDFC DigiPOS suite of services in Innoviti terminals. Now, UPI and Bharat QR transactionings can be processed on Innoviti’s existing PoS infrastructure.
Innoviti’s dynamic QR code makes possible errorless and frictionless payment experience. With our terminal, the incidence of fraud is negligible, making our payment reconciliation seamless and secure.
With the RBI’s compliance mandate regarding UPI and Bharat QR transactions, merchants are interested in partnering with Innoviti as their preferred solutions provider.
Learn more about Innoviti unique dynamic QR tie-up with HDFC.
- Do Dynamic QR codes expire?
No, they do not expire. Since Dynamic QR codes are transaction specific and editable, their contents can instead be changed to fit the merchant and transaction needs.
- Are all QR codes dynamic?
No. QR codes can either be static or dynamic. Dynamic QR codes are preferred over static ones due to the ease of use and assurance of security.
- Can a QR code have multiple links?
Yes. A Multi URL QR code can have multiple links or URLs embedded in them. Typically they have the following features: location, time redirection, amount of scans, language redirection, and device operating system.