A common QR code based payment mechanism has been launched by the government to make cashless payments easier.
Bharat QR Code is a unique interoperable solution that facilitates digital payments across all modes of transactions. This platform will ensure quick and seamless payments for merchants and consumers anywhere in India. It is developed by National Payments Corporation of India (NPCI), which is the umbrella organisation for all digital and online retail payment systems in India.
National Payments Corporation of India (NPCI), which is the umbrella organisation for all digital and online retail payment systems in India, has developed this platform, which is expected to inspire and encourage more digital payments, without using debit or credit card.
QR Codes are black and white two-dimensional machine readable code, which stores information about the merchant’s bank accounts and URLs. With Bharat QR Code interface, merchants need to take a printout of their QR code (or have a soft copy) and show it to the consumer, who can simply scan the code using his or her smartphone.
The Retail industry is excited by its possibilities because QR code-based payments solves two major problems in a single go: a) less time consumed to make the payment, compared to debit/credit card b) no requirement to actually flash your credit/debit cards for making the payment.
a) less time consumed to make the payment, compared to debit/credit card and b) no requirement to actually flash your credit/debit cards for making the payment.
b) no requirement to actually flash your credit/debit cards for making the payment.
Here are 7 interesting facts about Bharat QR Code payment system, which every debit/credit holder (who is also a bank account holder) should be aware of:
1) Massive Collaboration
Bharat Pay Merchant is an initiative to enable all major payment gateways to come together and provide a common QR code based payment gateway across all banks. With Bharat-Pay, you can transfer money to anyone in your contacts list, without having to provide his account number. If someone wants to pay you using one bank’s debit card, and you have an account with another bank, it is not a problem. The same person can use a different debit card from the same bank itself or from any other bank as well (provided you’re registered for Bharat Pay).
2) Who Are Part of Bharat QR Code?
Bharat QR Code is a platform aimed at creating an ecosystem for digital payments in India. It aims to provide a UPI-based payment system that is capable of enabling account-to-account money transfers and sending or requesting money from other individuals’ bank accounts. As of now, 15 banks are part of Bharat QR Code platform: SBI, Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, DCB, Karur Vysya Bank, HDFC Bank, ICICI Bank, IDBI Bank, RBL Bank, Union Bank of India, Vijaya Bank and Yes Bank. More banks are soon expected to join the mega-forum
3) How can you make payments using Bharat QR Code?
Bharat QR code is a fast and secure way to pay at stores. You can use it by scanning the Bharat QR Code with your phone and authenticating your mobile number with your bank’s UPI app. All you need is an active internet connection in your device and a mobile wallet in your bank account. Once you have done that, you can start using Bharat QR Code based payments effortlessly on any Bharat QR enabled terminal.
4) Dynamic Payments
Bharat Pay Merchants is a mode that helps merchants to accept payments through Bharat Pay QR Code. A Bharat Pay merchant generates a new QR code for each transaction, and the customer needs to get the correct authorization code from this process. This is a faster method of payment as compared to cash on delivery (COD).
5) UPI Integrated
Bharat QR Code is India’s payment app that uses a QR Code to make payments. BHIM App and Bharat QR Code are interoperable, which basically means that they can be used together to make payments efficiently.
6) Open Payment Interface
Bharat QR Code is a universal QR code interface. Launched by NPCI, it allows seamless transactions across all mobile wallets and banking apps by creating a common unified interface for digital payments. Bharat QR Code is interoperable with the existing payment systems and does not require any additional hardware or device upgrades, thereby making it more secure, convenient and cost-effective.
7) Cheaper Cashless Payments
Bharat QR Code can be easily understood as a brand new form of cashless transaction. It is secure, fast and convenient. The transaction cost is much less than the PoS machines and it also saves time. In a way, Bharat QR Code payment makes cash and cashless transactons same in terms of value and saves time too. A big win for the digital economy!