FinTech

What is QR Code?

Quick answer

A two-dimensional barcode made of black and white squares that stores information such as a web link or payment details for quick scanning.

QR Code, explained

QR stands for quick response. The format was invented in 1994 by Denso Wave, a Japanese company, to track automotive parts. Unlike traditional barcodes that hold data in one direction, QR codes store data both horizontally and vertically and include error correction, so they can still be read if partly damaged.

Smartphone cameras can scan QR codes instantly, which made them popular for restaurant menus, event tickets, Wi-Fi sharing, product information, and especially payments. In several countries, merchant QR codes linked to systems like UPI are a common way to pay at small shops. A security concern is quishing, where attackers place fake QR codes that lead to phishing sites, so it is wise to check the link before entering details.

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