In an effort to encourage the adoption of a digital economy in the country, the Indian Government has recently launched a new payment method using QR codes. Using this, you can transfer money directly from your bank account to another person’s bank account using your smartphone.
Bharat QR is a payment system that allows you to pay using a mobile phone. This introduction to the digital payments arena replaces swiping your Debit or Credit Cards. The use of mobile phones eliminates the need to carry your cards and can be done anywhere there is a scanner. All major banks of India have implemented Bharat QR. Currently, MasterCard, RuPay, American Express, and VISA cards can be linked to pay for transactions through Bharat QR. If you’re a merchant in India, get quick and easy access to BharatQR digital payment modes. List your contactless payments, enabling your customers to pay using their smartphones and net banking ids. It’s safe, secure, and easy for your customer to use.
The Bharat QR code aims to create a standardized QR code payment method throughout the country. Payment networks such as American Express, MasterCard, Visa, and the National Payments Corporation of India (NPCI) have partnered to encourage wider acceptance of the Bharat QR payment method. This can make it less cumbersome for customers while helping business owners to simplify payments and track their transactions across different channels.
The Bharat QR code payment system is a fast, entirely digital, and safe payment method that eliminates the need to carry cash and bank cards. Bharat QR code will offer customers an easy scan and pay option regardless of which type of card they are using. Both the merchant and customer will receive notifications on payment success or failure immediately. The payment method will eliminate the need for PoS machines at merchant outlets.
Bharat QR is the world’s first interoperable payment acceptance solution launched by Indian Card payment Networks – RuPay, MasterCard, and Visa in collaboration with NPCI. The implementation of Bharat QR will save merchants from investing positive action on PoS machines. With the Bharat QR payment method, merchants also save on the transaction fees charged by the banks for POS transactions.
The Bharat QR code will allow instant payments to the merchant. This will eliminate any bank involved in the transaction and reduce the transaction time to almost 3 seconds while eliminating the payment gateways fee charged by them. Do you know that your mobile phone can track your debit or credit card transactions? Using information from a QR (Quick Response) code, this initiative will let you connect your mobile phone to any bank account, enabling you to pay for products and services using wireless methods. Bharat QR will also support payments through UPI (Unified Payments Interface) address and Aadhaar number in the coming months.
BHIM is a unified UPI (Unified Payment Interface) app that lets you send and receive money from anyone, anywhere, at any time. And it’s safe, secure, and out of the ordinary. We call it “Bharat QR” because it uses a new payment method: the Bharat QR code. To pay through the Bharat QR code, choose any one of your bank’s BHIM-supported mobile banking applications. Touch the merchant’s scanner with your phone or scan its Bharat QR code using your phone camera. Your payment is instantly sent to the merchant.
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