DEEP DIVESExclusive to Strategy Plans
May 3, 2017
A random pattern of tiny black squares on a white grid – the QR code is not as simple as it appears. As an upgrade to the one-dimensional bar code, QR codes have a higher storage capacity and can store a variety of character types. These codes are essentially akin to physical hyperlinks as they take the user to an external link or website on scanning. It is also commonly categorized as O2O (offline-to-online) mode of business.
Originally developed in 1994 by Denso Wave (a subsidiary of Toyota) for use in the Japanese automobile manufacturing industry, QR codes are gradually finding their footing in different businesses across the world.
Some of the largest and most lucrative use cases for QR codes are in the payments industry. For long, financial institutions have been looking for measures to enhance the customer experience by increasing the ease of use quotient of their payment processes. The smartphone revolution in the late 2000s gave the impetus to digital and mobile payments. The emergence of QR ...