The
government of India has now launched Bharat QR Code payment method which will
help you in instant, convenient, low-cost and secure transactions. This will make
transactions easier and more convenient for all Bank customers and partners. In
a move to promote Digital India initiative and encourage cashless payments, the
government has introduced Unified Payments Interface (UPI) for smartphones, and
Unstructured Supplementary Service Data
(USSD) based mobile banking for basic and feature phones.
Digital
India has stepped ahead with a new technology of payments and that is Bharat QR
Code payments transfer mechanism. This is a more streamlined system of making
payments where technological problems will get reduced and people will not
suffer from card loss or card expiry problems. It will
be majorly integrated in shops, malls, retailers without using the
merchant’s ID or number.
Easily
scanning the QR code through your mobile phone will help you in transferring
your money from one source to another. Unlike digital wallets where payments
are received from e-wallets, through QR code your payments will directly get
received in your bank accounts.
It is the
first platform with exchange and make use of information which will allow
payments from various cards like RuPay, Visa and Mastercard. Moreover, you can
handle this via your bank’s mobile app linked to Visa, MasterCard, RuPay
platforms.
Currently,
NPCI has tied up with 14 banks where Bharat QR code will support payment
terminals of RuPay, Visa, MasterCard and American Express. This will help in
enabling a quick and handy process for making the transfer of payments and also
help in saving time.
Benefits of Using Bharat QR Code Payment
·
You don’t have to worry any more about
keeping cards for shopping.
·
You can pay just using your smartphone
having Bharat QR code enabled Banking app.
·
You can link multiple cards to your
app and choose them according to your need.
· If you are a merchant then, You no
longer need to invest in any hardware for accepting digital payments.
·
A board with QR code is all that it
takes to start accepting payments.
How to use Bharat QR Code for Payment
·
You need to link all of your cards to
your Bank’s app and select the appropriate card during the payment.
·
For payment you need to scan
merchant’s Bharat QR code using inbuilt QR Code reader in the Bank’s app.
·
The billed amount will then gets
transferred from your account to the merchant’s account.
Bharat QR
payment mode can be used at any location on-the-go, it could be outlets at
railway stations, bus depots, petrol pumps, shops, grocery stores, vegetable
markets, hospitals, dispensaries, etc. Moreover, you can use this mode to send
or receive money from your friends, relatives or anyone who have Banking app
with Bharat QR code support.
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