All You Need To Know About The Newly Launched BharatQR

Digital payments Govt launches its own QR code platform- BharatQR

With one code access, India will achieve its target of becoming a digital economy, sooner. You will scan the Bharat QR Code from within the app, enter the amount to be paid.

Following its demonetisation move on November 8 past year, the government has taken a series of steps towards a less-cash, digital economy, notable among them being the Unified Payments Interface (UPI) and the BHIM app.

Bharat QR is an initiative by the four main card companies, NPCI (RuPay card), Mastercard, Visa and American Express to have a single QR code identification platform. The whole concept of a QR code and its benefits is strictly based on its ability to be scanned by a mobile device. It's popular in consumer market.

Crdit card rivals Visa Inc and Mastercard Inc have joined hands with the National Payments Corporation of India (NPCI) to launch the world's first nationwide interoperable quick response payments service, BharatQR, in a bid to make digital payments to merchants cheaper. We believe that integration of Unified Payments Interface (UPI) in this service will boost the adoption rate among merchants as well as customers at large. Innovative interoperable solutions, like BharatQR, that are easy to scale, provide a seamless customer experience, and above all are safe and secure, are essential to accelerating India's transition to a less-cash society.

Anyone with a QR scanning app, be it UPI-based or Aadhaar based, can use it for transactions.

Visa, Mastercard and RuPay cardholders, as well as account holders of the participating banks can use BharatQR with a QR code reader app. HDFC bank's ZapPay, ICICI's Pocket app, and other bank's apps will also be able to read BharatQR. To make a payment, a customer will have to scan the "BharatQR" code using the mobile app. You don't need to enter the amount. There is no need to key in any details. Recently, the government has introduced a mobile app 'BHIM' in order to encourage people in paying digitally. With the deeper penetration of phones, this could help drive government's pet project.

BharatQR code is of two types-static and dynamic.

The static QR code requires you to first scan the code and enter the amount on your smartphone and authorize with a PIN, after which the money will get debited. The user can then just authorise the transaction with the PIN. In case of dynamic QR code, every time the merchant will generate a new QR code. It now has 24 bands onboard.

Many other "leading banks" are at various stages of implementing support for BharatQR, which is created to support NPCI's Unified Payments Interface (UPI) platform and the country's biometric ID database Aadhaar as "QR-based payments scale in the country", NPCI says.

The user interface of this app is simple.

Despite all the extraordinary features, the app is now available only for Android and iOS users, except for Windows, which will be available very soon according to the sources.

Banks, including SBI, BoB, Union Bank of India, ICICI Merchant Services, HDFC Bank, Axis Bank, City Union Bank and Vijaya Bank have agreed to become acquirer banks, providing payments services to merchants.



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