After demonetization, Unified Payments Interface (UPI) and Aadhaar Pay and the BHIM App we now have BharatQR. Just scan the QR code and all the information will be automatically entered on to your system or gadget. The support for Unified Payment Interface is also being worked upon so that apps such as BHIM can be used to make payments using the BharatQR code.
4 Things You Need To Know
BharatQR is a common QR code built for ease of payments. It will support Visa, MasterCard and Rupay cards. To make payments, a credit or debit card needs to be swiped and PIN code entered for authentication. This will take away the need for a Point of Sale (PoS) swiping machine at various merchant terminals. This also in turn will do away with the transaction fees charged by banks for using the PoS terminal.
Merchants will be benefited greatly as all they need to do is generate the Bharat QR code and take a print out of it. With the payment happening via IMPS, the money will be credited instantly to the merchant’s bank account.
Payments via Bharat QR are secure as the customer would not be sharing his/her details in any way.
No swiping, no pin entering, only scanning the QR code and payment is done.
More than 14 banks are part of Bharat QR code platform as of now. Some of the banks are State Bank of India, Yes Bank, Axis Bank, Bank of India, and HDFC Bank.