Page 43 - Banking Finance May 2023

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decode the information that is contained within it. The One potential benefit of QR codes is that they can help
software then performs the appropriate action, such as reduce physical contact in a variety of settings. For example,
opening a website or displaying a product description. QR codes can be used to order food or drinks in a restaurant
without having to interact with a server. QR codes can also
QR codes can be used to encode a wide variety of different be used to check into hotels or rental properties without
types of information, including text, URLs, email addresses, having to interact with a receptionist.
phone numbers, and more. They can also be customized
with different colours, logos, and designs, making them a Why are QR Codes the Next Big
versatile and effective tool for marketing and advertising.
Disruptor?

However, despite the potential benefits of QR codes, they There are several reasons why QR codes are poised to
never really caught on with the general public. One reason become the next big disruptor:
for this was that in the early days, users needed a special They are convenient and efficient. QR codes allow
app to scan QR codes, which created an additional barrier information to be transmitted quickly and easily, without the
to entry. Additionally, the codes were often small and need for manual input. This makes them ideal for a variety
difficult to scan accurately, which made the process of applications, from shopping to ticketing to information
frustrating for users. sharing.They are versatile. QR codes can be used to encode
a wide variety of different types of information, making
However, recent advances in technology have made it easier them a flexible tool for marketers and businesses.They are
than ever to scan QR codes. Most smartphones now have cost-effective. QR codes can be generated and printed at a
built-in QR code readers, so users no longer need to download low cost, making them accessible to businesses of all sizes.
a separate app. Additionally, QR codes are now being used in
larger formats, such as on billboards or signs, which makes They are ubiquitous. QR codes are already widely used in
them easier to scan and more noticeable to users. many countries around the world, and their adoption is only
expected to grow in the coming years.
One of the industries that is currently embracing QR codes
is healthcare. With COVID-19 pandemic, QR codes have How are QR Codes being used today?
become a crucial tool for tracking and tracing. QR codes are
QR codes are already being used in a wide variety of
also being used in healthcare settings to track patient data
applications, from marketing and advertising to ticketing and
and improve communication between healthcare providers.
payments. Here are a few examples of how QR codes are
being used today:
Another industry that is benefiting from QR codes is finance.
Marketing and Advertising: QR codes are being used by
QR codes are increasingly being used as a payment method
businesses to drive traffic to their websites, promote special
in many countries, particularly in Asia. Users can simply scan
offers, and provide customers with more information about
a QR code to make a payment, eliminating the need for
their products and services.
physical cash or credit cards. This has the potential to make
payments faster, more convenient, and more secure. Ticketing: QR codes are being used by airlines, theatres, and
other businesses to streamline the ticketing process. Instead
QR codes are also being used in education to improve of printing physical tickets, customers can simply scan a QR
communication between teachers and students. For code on their mobile device to gain entry.
example, teachers can display QR codes in the classroom
that link to additional resources or assignments. Students Payments: QR codes are being used in many countries as a
can then scan the codes with their smartphones to access way to facilitate mobile payments. Customers can simply
the resources directly. This can be particularly helpful in scan a QR code at the point of sale to make a payment.
remote or hybrid learning environments, where students
may not have access to physical resources or textbooks. Information Sharing: QR codes are being used by museums,

40 | 2023 | MAY | BANKING FINANCE