Bharat QR – The QR Code based Payment System
In the bid to promote digital
economy in the country, Government of India has launched a new payment method
using QR codes named Bharat QR. It is launched after various new payment methods
like UPI payment and BHIM App for smartphones.
It is launched to boost
digital transactions, that will make use of QR codes system for payments across
merchant outlets. It is the world's first interoperable payment system.
Important facts related to Bharat QR
- The National Payments Corporation
of India(NPCI), Mastercard, and Visa has developed it.
- BharatQR code would require
merchants to only display one QR code instead of multiple ones.
- It will ensure that people do not
suffer from card loss or card expiry problem.
- It was devised after the Reserve
Bank of India's (RBI) direction in September last year, in order to make payments
seamless for buyers as they just have to "scan to pay" for transactions
instead of swiping their credit/debit cards.
What is QR code?
The QR code or Quick
Response code is a two-dimensional machine-readable code, which is made up of black
and white squares and is used for storing URLs or other information. These can
easily be read by the camera of a smartphone.
Bharat QR Aim & Use
Bharat QR code aims at standardising
the QR code payment method through the country. For this, payment networks like
MasterCard, American Express, National Payment Corporation of India (NPCI) and Visa
have collaborated to promote wider acceptance of the Bharat QR payment method.
However, after the
introduction of Bharat QR code, a consumer can simply open his or her banking app
or BHIM app, scan the merchant's QR code, enter the payable amount and enter the
four digit code to authenticate the transaction. The amount will be directly
transferred to the merchant’s bank account once the transaction is complete. In
short, this will provide customers with an easy scan and pay option
irrespective of their card type. The method would eliminate the need of PoS machines
on a merchant outlet. This will help merchants in avoiding investments in PoS machines
and the transaction fees charged by the banks for transactions through the PoS
systems.
Different Types Of Bharat QR Code
There are two types of
Bharat QR code available right now. The first one is Static QR Code and the
second one is Dynamic QR Code. Both QR codes can be scanned using a smartphone.
Receivers have to create one type of Bharat QR code, and customers or senders
have to scan that QR code using their bank apps or digital wallet QR code
scanners.
About Static Bharat QR Code
To send money using
Static QR code, a sender has to scan that QR code using his/her bank app or UPI
app’s QR code scanner. Then just enter the amount of money which you want to
transfer. Click on send. That’s it. Your entered amount will be transferred to receiver’s
bank account or e-wallet instantly. This type of Bharat QR code is best for
small merchants where all type of products is available but in lower quantity.
About Dynamic Bharat QR Code
The only difference of
Dynamic QR code is receiver have to generate this code for a specific amount.
That means sender can’t enter his/her desired amount to transfer. The amount
will be fixed for each Dynamic QR code. Shopkeepers or retailers can use dynamic
Bharat QR code to sell fixed rate products. So, customers can’t bargain at the
time of payment. But as a receiver have to create different QR codes for
different prices, it will be a hard and brainstorming work for shopkeepers. So,
this type of Bharat QR code is not suitable for small shops or retail stores.
What are
the Benefits of Bharat QR Code?
- It is a newly launch QR code
system for easy & Secure Payments.
- This payment
system supports Visa, MasterCard and Rupay cards.
- You can link multiple cards to
your Bharat QR code supported bank apps and select anyone of them
according to your need.
- This app is easy to handle
transactions easier and more convenient for all Bank customers, partners,
merchants.
- You can make a cashless
transaction without swiping your credit or debit cards; Means say goodbye
to carrying cards.
- Now, pay just using your
smartphone having Bharat QR code enabled Banking app for faster &
Secure transactions.
- You can use this app at any
location it may be railway stations, bus depot, petrol pumps, shops,
grocery stores, vegetable markets, hospitals, etc.
- No need to share your mobile
number or account details, CVV with anyone.
- Instant Money transfer, because
of its Immediate Mobile Payment System (IMPS) service.
- You can send or receive money
from your friends, relatives who have Banking app with Bharat QR code
support.
- If you are a merchant then, you
don’t need to invest in any hardware like POS Machine for accepting
digital payments.
- The transaction completes with
enhanced security, fast and the card details will secure. Be aware of
losing your card details.
- You can accept payments by a
board with QR code.
- No extra handling, hidden charges.
