Data capacity
Data capacity is the maximum amount of information a QR code can hold, set by its version, error-correction level, and the type of data encoded.
How much a QR code can store depends on the version (grid size), the error-correction level (redundancy eats capacity), and the encoding mode. Numeric packs tightest, then alphanumeric, then raw bytes for arbitrary URLs and text. A bigger payload forces a higher version, which means denser modules.
For printed codes you almost never want to fill the capacity, because density hurts scannability. Encoding a short redirect URL instead of a long campaign link keeps the code sparse and reliable. See the version capacity table for the exact limits.
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