India in a month transacts over 10crore worth of transactions using UPI. This value has been continuously progressing over the last few months. UPI has truly made our economy paperless. People are paying using UPI not just for big amounts but also for single-digit value transactions. UPI in the business world too has progressed considerably. From making payments easier and quicker to making them more secure through verification and digital signature. Software like Tally has ensured both the seller and buyer transactions are secure.
QR codes in invoices are becoming so increasingly common that now even the government is making it mandatory for businesses in a phased manner. As per the latest notice by the GST council, all B2B businesses with 10crore+ turnover need to implement e-invoicing for their business starting from 1st October. E-invoicing ensures your invoices are verified on a real-time basis and invoices contain both QR code and Digital Signature.
This has led to most B2B businesses using QR codes and digital signatures in their E-invoice. Few features of QR codes that make them extremely useful.
QR codes are Dynamic
There are 2 types of QR codes viz. Static QR code which has static or fixed content and Dynamic QR code with information that changes as per the context. Tally QR codes are dynamic and on scanning, you get all the information needed to make the payment. This type of QR code also reduces the chances of mistakes in the amount being paid.
QR codes can hold a lot of information
QR codes can store a lot of information when compared to a bar code. QR codes have overtaken barcodes due to the capabilities it has. Do you know you can scan a QR code even if it has been damaged up to 30%?
Promotes cashless transactions
Gone are the days when we had to drop the idea of purchasing from small businesses since we did not have the right change. Now we can easily scan and pay cashless. We do not even have to worry about risking the possibility of notes getting damaged especially in the rains. UPI payments are a win-win for all.
The benefits of QR codes are many and we experience them in our day-to-day lives. Businesses are adapting QR codes in its day to day functioning especially after the government has introduced E-invoicing.
Also, businesses that do not fall in the mentioned category of businesses as mentioned by the GST council too can get their QR code and digital signature using Tally. The latest version of Tally, Tally Prime 2.1 has a default feature for generating E-invoice and Digital Signature in Tally invoices.
Using an older version of Tally?
Users with older Tally versions like Tally.ERP 9 and earlier versions too can implement QR code and Digital Signature using QR Code and Digital Signature in Tally Addon.