March 29, 2023

QR Code Popularity Extends To Crypto Payments

QR Code Popularity Extends To Crypto Payments

Quick Response Codes, better known as QR codes, have been around for a while now. First developed back in 1994, these unique collections of pixels have become a hugely important aspect of business, marketing, and crypto.

In this article, we’ll discuss how the rise of the crypto QR code helps improve usability and the likelihood of mass adoption. First, we’ll introduce you to QR codes, discover what they’re used for, and then we’ll find out how they’re being used in the crypto space.

Let’s get started.

What Is A QR Code?

A grid barcode that is square in shape, containing a unique series of pixels capable of storing a huge amount of data. QR stands for quick response. This is because no matter how much information is stored in this barcode, it will give the user access to the data rapidly.

In comparison, standard barcodes you see on products in stores are only capable of storing a small amount of information. This is because standard barcodes only read vertically, from top to bottom. In contrast, QR codes are read horizontally and vertically.

What Is A QR Code Used For?

Originally introduced in Japan, QR codes were used in the manufacturing process to track vehicle parts. However, as the technology became more widely accepted and accessible, its uses have diversified massively.

Now, you’ll see QR codes to access wifi networks, restaurant menus, payment details, login verifications, contact information, marketing material, website URLs, and more.

Why Are QR Codes Popular?

Convenience. QR codes make life easier. Whether you’re looking for more information, to make a purchase, to self-serve, or to log in, QR codes are an efficient way of achieving your goal.

In a world where everyone is busy, and there’s always something else to be done, QR codes allow people to be served the way they want to be. They provide a convenience and cost savings for businesses and consumers.

Take a restaurant, for example. Instead of printing and maintaining hundreds of menus, they can provide a QR code for visitors to scan. This QR code will contain wifi access, a way to make reservations, view the menu, pay and tip, leave a review, and much more.

This greatly saves on cost, enables restaurants to provide a better service, and gives customers access to everything they need without multiple interactions with their servers.

How Can QR Codes Be Used In Crypto?

One of the most time-consuming and stress-inducing elements of crypto transactions is lengthy wallet addresses. Yes, we have the copy-and-paste function, but most people still cross-reference to ensure they have the address correct.

With the introduction of QR codes, people can share their wallet addresses using a smartphone camera. Furthermore, you’ll never have to worry about losing your assets or transferring to the wrong wallet address.

What Are The Benefits of Using A Crypto Wallet QR Code?

Easy Wallet Address Sharing

Now, people and businesses can share their wallet addresses in an instant. There's no need for copy and pasting or typing and triple checking.

Reduce Mistakes

It’s easy to make an error with a wallet address – it happens a lot. Unless the printed QR code has been tampered with, you’re guaranteed to send and receive crypto to the correct address.

Speeds Up The Transaction Process

Currently, people go through too many steps to complete a crypto transaction. A cryptocurrency QR code reduces it to three – scan, enter the amount, and send. This drastically increases the speed of actioning a transaction.

Added Security

Crypto wallet QR codes are unique and cannot be replicated or redirected. Coupled with the added security benefits of blockchain technology – users can rest assured their crypto is safe from hackers.

How Do Crypto QR Codes Work?

The Recipient: Open the QR code of the crypto wallet if you want the specified amount of crypto to be sent.

The Sender: Scan the QR code using your smartphone camera. Here, you’ll be prompted to open the crypto wallet app you wish to send the funds from. Enter the amount you want to send, verify everything is correct, and complete the transaction.

Wallet Addresses Are Coin Specific

Remember, when selecting the wallet address you want to transact with, you need to be sure the other party is able to accept the crypto you’re paying with. For example, you can’t transfer BTC to an ETH wallet address.

Who Can Use Crypto QR Codes

Anyone can use them. They are particularly beneficial for customer-facing businesses that accept cryptocurrency payments. Implementing a cryptocurrency QR code system empowers customers to self-serve, improves the efficiency of customer services, encourages customers to pay with crypto, and avoids waiting in line as people attempt to type the correct wallet address.

In Summary

The humble crypto QR code has the ability to bring crypto payments to the mainstream. Much like contactless payments, the crypto QR code empowers businesses to easily and securely accept cryptocurrency payments without interrupting their usual business flow and customer experience.

To get your QR code-enabled crypto wallet, check out Escrypto. A digital wallet for businesses and individuals backed by institutional-grade security. Start accepting and paying with crypto today.

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