The QR in the name stands for quick response, expressing the development concept for the code, whose focus was placed on high-speed reading. Beyond payments and marketing, QR codes have been used in a variety of other ways such as contactless ticketing and checking into events. And with the recent outbreak of COVID-19, there has been a renewed interest in QR codes to facilitate contactless interaction.
In order to provide a safe solution and to facilitate QR payment system, The Bangladesh Bank initiated a unified Bangla QR code in Bangladesh. Now, consumers who want to do transactions through QR will not face any problem because of the availability of QRs.
QR codes are not just a way to reduce contact – they are also a powerful marketing tool. Businesses can use QR codes to track customer preferences and create targeted marketing campaigns.
Juniper Research has predicted the global spend using QR code payments will reach over $3 trillion by 2025; rising from 2.4% in 2022 and reaching 25%. This explosion of growth is being driven primarily due to a focus on improving financial inclusion across developing regions and creating a replacement for traditional payment methods in advanced economies.
