What Is a QR Code? All You Need to Know About QR Codes

Posted on Friday, January 24th, 2025 | By IndusInd Bank

Have you ever noticed those small, square patterns made up of black and white blocks on menus, product packaging, or payment counters? These little squares are QR codes, and they have revolutionized the way people access information and make transactions. With the rapid rise in smartphone usage and the Indian government’s strong push for digital transactions, especially through the Unified Payments Interface (UPI), QR codes have become one of the most powerful tools in today’s digital world. These codes play a crucial role in the daily financial interactions of individuals, small businesses, and even major retailers.

Get all the insights about QR codes below and understand how the right bank account can further enhance your digital banking experience.

What is a QR Code? A Brief Overview

The QR code full form is Quick Response code. It is a type of two-dimensional barcode that can store vast amounts of information. Scannable by smartphones, it provides access to information like URLs, payment links, or text within a few seconds. 

It was developed in 1994 by a Japanese company Denso Wave, and the initial purpose of QR codes was to track vehicle parts during manufacturing. However, their efficiency led to widespread adoption across different industries. Today, you can find QR codes almost everywhere, from packaging to advertisements, and most notably, in banking and payments.

5 Common Use Cases of QR Codes

Now that you have learned the QR code’s meaning in detail, let’s review some of its most common use cases.

1. Instant bank account opening: Many banks allow users to open a savings account by scanning a QR code. Once you scan the QR code, it redirects you to an application form where you can complete the account opening formalities. Additionally, banks often provide QR codes that give you instant access to important details, such as savings account interest rates and other relevant information, all in one place. This makes it easier to manage finances, as you don’t have to visit branches or go through complex online portals.

2. Payments to merchants: You can easily make payments at retail stores, restaurants, and local vendors by scanning a QR code.

3. Product information: QR codes on product packaging direct consumers to detailed information, reviews, or instructions online.

4. Utility bill payments: Many service providers now include QR codes on utility bills (e.g., electricity, water, and internet).

5. Restaurant menus: Many restaurants today provide digital menus through QR codes, which ensure contactless ordering and eliminate the need for printed menus. 

How to Make Payments Using a QR Code?

Making payments with a QR code is quick and easy, especially using the IndusMobile app by IndusInd Bank. IndusMobile is a feature-rich banking app that helps you manage accounts 24/7, transfer funds, make cashless payments, apply for a locker, block debit cards, invest in fixed deposits, and do much more.

To make a payment using a QR code, follow these simple steps: 

• Open the IndusMobile app on your smartphone
• Choose the option to scan a QR code
• Position your phone’s camera over the merchant’s code
• If the QR code doesn’t have a preset amount, manually enter the payment amount
• Tap “Pay,” then authenticate using your PIN or biometric
• You will get a confirmation message upon completing the transaction

Also Read: What is NACH in Banking?

QR Codes and Your Finances: How the Right Savings Account Can Make a Difference

In today’s digital-centric world, the ability to manage finances easily from anywhere at any time is a top priority for many. Therefore, a savings account should deliver maximum features, speed, and security to meet these essential needs. The IndusInd Bank Indus Delite Savings Account can be an ideal choice if you prefer both convenience and long-term value. 

You can open this digital zero-balance savings account directly through the IndusMobile app and manage your finances 24/7 from any location. The best part is that you benefit from fast and secure QR code-based transactions, whether you are paying small or large sums.

Take a look at the additional highlights of this savings account:

Complete the zero balance account opening online process today and get started with IndusInd Bank! 

Key Takeaways

QR codes simplify transactions, make businesses more accessible, and provide a cost-effective solution to going cashless. Their versatility, ease of use, and top-notch security make them a valuable tool in both banking and day-to-day transactions. Whether it is paying a small sum at a local stall or settling large bills in a luxurious store, these codes make it all effortless. 

For seamless digital banking, consider opening the IndusInd Bank Indus Delite Savings Account. Benefit from zero non-maintenance charges, customised account numbers, a competitive interest rate, exclusive offers, discounts, and complimentary insurance coverage. Best of all, you can link your savings account to the IndusMobile app and enjoy fast, secure QR code-based transactions while managing your finances 24/7 from anywhere.

Apply today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.