In 1951, the world was introduced to a game-changing technology by Norman Joseph Woodland and Bernard Silver, when they invented Barcode, the thin and thick black bars that are like limbs to each and every product worldwide even today. For seven decades, Barcodes have ruled the production world as it allowed it to track products and inventory like a piece of cake. The inception of QR scanning is so revolutionary that if recognised critically, it is even ready to replace the present system, along with opening doors to a completely scan-based lifestyle & businesses.
Today QR scanning is widely used globally for making payments, as evident even in rural India, for restaurant menus, for tracking and storing details of various product, companies, stakeholders and clients, in media like hyperlinks, in bookings of flights, shows, trains etc., in hirings, computing, record-keeping, buying, selling, directing, sharing and what not. In 2019, over 73% of India’s total web traffic had come from mobile phones. Internet penetration rate in India went up to nearly around 45% in 2021. This rate of Internet literacy in the country and access to smartphones have led to the massive adoption of QR Codes. Hence, from product packaging to billboards, to walls of buildings, one can find various types of QR Codes almost everywhere.
Ever since the launch of UPI, India has experienced a paradigm shift in Digital payments. People relied on it for fund transfers (especially post-demonetization), leading to a significant rise in QR code adoption by merchants, customers and others. A July 2020 report of an RBI committee on ‘The analysis of QR Code’ said, “Over 20+ million UPI QRs deployed in the market (July 2020). The volume of digital payments using UPI QR are approximately over 250 million on a monthly basis.” The committee even suggested that the Government should allow a lower controlled interchange instead of zero MDR on QR code & even offer tax incentives to merchants to let QR code transactions flourish even more in the country. Covid-19 has fueled the future in digital payment, especially in Asia. According to McKinsey, there has been an 80/20 rise in digital payments. This indicates that the digital user base has seen a 20% increase, 80% of which has been registered during the peak of Covid-19.
Apart from payments, these dotted codes are helping brands globally to elevate their position in the market. They are being used widely for imbibing products and events information, for availing offers, channeling traffic on social media, and even app downloads. Almost all of the Fortune 500 companies have already added QR Codes to their marketing stack since the last few years. With its unique feature to work through its print on a physical paper, it is also becoming a tool of mass awareness and learning too.
Digital tools are largely governing the operationalisation of the modern world, especially metropolitan and urban settlements. The second decade of the 21st century has beautifully led the world to kickstart its transition into a digital era, letting people across the globe to accept technological assistance, first in profession, then in governance, then personalization and now even in core household operations. One such digital tool is QR (quick response) Code, which is as powerful as the digital technology itself.
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