Feb 21, 2017

What is Bharat QR Code and How to Use It - Complete Information

What is Bharat QR Code

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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