Importance of Static and Dynamic QR Codes In Finance Sectors

It's a good thing to know that more and more QR codes are being used in the BFSI business. Let's see the statistics that says, there will be 60% more US banks using QR codes in 2022 than there were in 2017. That's up from 12% in 2017.

QR codes could change the BFSI business by making mobile banking possible, making it safer, and making the customer experience and engagement better.

All financial companies, including banks, non-banking financial companies (NBFCs), fintech companies, and more can use static and dynamic QR codes in finance sector to improve business and marketing.

Introducing the use of QR codes in banking and finance sector

Using Static and Dynamic QR Code In Banking In Financial Services

Explaining how static and dynamic QR codes are helping in finance management

There are many ways to use QR codes in the BFSI business. These are some ways listed that BFSI companies can use QR codes:

    QR Code Allows Secure Transactions

    Two parties can conduct safe business transactions using QR codes. The volume of transactions using QR codes for international payments will exceed $2.7 trillion by 2025 while approximately 2.2 billion people across the globe start using these codes.

    With due implementation of QR codes physical store owners can configure their stores for online payment services acceptance. One wallet to another or to any bank account can receive funds through the use of a QR code.

    Experience A State Of The Art Mobile Banking Expiry

    The mobile banking sector dominates the Financial and Banking Services Industry. Mobile phone transactions amounted to $503 billion during the year 2020.

    Several banks together with non-banking finance companies (NBFCs) provide mobile services because internet and mobile phone usage continues to expand rapidly.

    Offer A Customer Friendly Experience

    Traditional customer competition no longer exists for banks because they are no longer compelled to acquire new clients. Customers will stay loyal only when banks provide exclusive and interesting service experiences. Your banking services list website will be accessible through a simple scan of a QR code.

    QR code Offer Easy Compliance Regulations

    KYC and AML checks are done by BFSI companies using QR codes. QR codes make it easier for users to log in by taking them to ermint-based KYC and AML clearance forms.

    Easy Asset Tracking

    BFSI companies can use QR codes to keep track of and find real assets like cash, checks, credit cards, and drafts. With the help of QR codes, bank employees can easily find and track down lost items.

    QR codes Are Best for Marketing and Advertisements

    The BFSI sector utilizes standard QR code applications for its marketing and advertising purposes as other sectors do. To place an advertisement in the newspaper you should incorporate a QR code which directs users to your website or mobile application or different online platforms.

    QR Code Allows Easy ATM Transactions

    Users can get cash from an ATM with a QR code if their bank allows them. A lot of ATMs now have QR codes that let people get cash and do other personal banking chores without a card.

Explaining the steps required to generate static and dynamic QR codes for finance department

How To Generate Static and Dynamic QR Codes for Financial Sectors

You can make and handle QR code campaigns with IMQRscan, which is a QR code generator and management tool.

To make a QR code with IMQRscan, follow these steps:

  1. Sign in to your account at IMQRscan.com. Sign up for an account first if you don't already have one.
  2. Different options for solutions are presented on the Solutions page. You can begin by adding your website URL if you want to generate a QR code. Then choose the URL QR code.
  3. The destination URL must be entered into the Basic Information "URL or Text" field. Check the "Make dynamic" option to generate a dynamic QR code.
  4. You can personalize your QR code through the "Design, Color, and Decorate QR code" tab of the platform.
  5. To save your QR code you should select "Save QR code," provide a name then choose an optional folder location before executing the storage process.

Wrapping Up

Discussing how adoption of QR code can boost the finance marketing

The adoption of QR code should be fast because these codes benefit various operations along with basic usability and bring new product experience dimensions for customers. Correct deployment of QR codes enables financial services organizations to enhance marketing effectiveness and improve customer relations while developing customer loyalty systems in the demanding financial sector.

Business and marketing operations will benefit from using QR codes with the help of the IMQRScan app. IMQRScan serves as the single requirement for financial institutions such as banks who intend to employ QR codes in their operations.

The implementation of IMQRScan as your first step will allow you to maximize QR code advantages. So, don't wait and generate a QR code today!!!

Frequently Asked Questions
About Finance QR Codes

Here's What You Need to Know

How can payments be done using  static and dynamic QR codes in finance  sector?

It's easy as 1,2,3. You just have to scan the QR code of the store, company etc with your smartphone phone to pay.

What are the loopholes in QR payment?

It can be possible that scammers design a QR Code that navigates the scanner to a legitimate looking site where you can get hacked and lose money.

Receiving money via QR code is safe?

Yes, as long as you are scanning a trusted QR code about which you know that it has been generated via a trusted source.

How much does it cost to generate a QR code for the finance sector?

It depends on the types of QR code you generate. If it's a static QR code it will be free, but if it's a dynamic QR code then it depends on the subscription plan you are choosing.

Can I also withdraw money using a QR code?

Yes, you can use it to perform transactions and also withdraw money by using UPI payments on Google pay.

Do any money deductions happen when we use QR code for payment?

No, there are no hidden charges that you have to ensure in order to perform transactions using a QR code.

What about the expiry of finance QR codes?

Yes, they will definitely expire if they are subscription based. This is also good to keep QR codes secure, as you will never get scammed.

How has QR payment changed the world?

It has drastically changed the way people look at finance now. Sending and receiving money during trade and purchase have never been easier. This non physical exchange of money is very safe in case of pandemics like COVID19.