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A QR code (also known as a quick recognition code) is a machine-readable code consisting of an array of black and white squares, typically used for storing URLs or other information for reading by the camera on a smartphone.
QR codes are commonly used in the field of cryptographic currencies, particularly those based off and including Bitcoin. Payment addresses, cryptographic keys and transaction information are often shared between digital wallets in this way.
If you have a bitcoin wallet app installed on your phone you can generate and read QR Codes as a quick and easy way to complete transactions.
The QR Code shown below contains a link to the Bit Trade Australia website
Most bitcoin wallet apps will allow you to make a payment by scanning a QR code with your smartphone or tablet. This QR code will contain all of the information required to complete the transaction such as the bitcoin wallet address and in some cases the transaction amount.