After Demonetization of Old currency notes, India is rapidly adopting Digital means of the payments system. Even e-wallets found a sudden increase in customers post demonetization. (Bharat Interface for money) BHIM App by PM Narendra Modi which was based on UPI (Unified Payment Interface) method. The government of India has stepped one more step in the direction to making India Digital & introduced another useful yet easy payment method named as Bharat QR Code payment method. Digital Bharat QR Code allows the user to transfer, receive payments with scanning a QR code only. With Bharat QR code, the cashless transaction can be made to merchants. Now no need to keep your debit or credits cards every time whenever you shop because now payment can be made using smartphone apps.
As of now in India to pay for anything directly from your bank account you either need to do swipe your card and then entering your pin in the POS machine. But using Bharat QR Code, you only need to scan QR code in any of the supported apps. So as far from now, you don’t need to keep your cards with you.
What is Bharat QR Code
Bharat QR Code is a Quick Response Code which can be used to make the transaction without using POS machine. So this is the best alternative or even better method of payment. The Sender needs to scan a QR code of the receiver through a Bharat QR code compatible app for the transaction to made successful. This new system has been made possible due to MasterCard, Rupay, Visa and NPCI joining. Unlike, e-wallets QR code which needs to be scanned within the same app, but Bharat QR code payments transfer to be universal.
How to Use Bharat QR Code to Make Payments
At first, you need to register for UPI and link your card to it. As of now, BharatQR supports HDFC’s Payzapp app and ICICI’s Pockets app. And NPCI has appealed to other banks to update their app with a QR code feature. The payments made using Bharat QR code to be imps (Immediate Payment Service) enabled that is payment will get instantly transferred to the merchants. To make payments using BharatQR bank transfer system follow:
- Download any BharatQR Compatible App.
- Login your existing account or signup for a new one.
- Set 4 digit M-pin to your account.
- Now link your debit or credit card or your bank account.
- Just Navigate to Bharat QR option in the app.
- Scan QR code at merchant’s showroom or store.
- On next page enter the amount you want to transfer.
- Done! Amount to be transferred instantly.
How to Generate Bharat QR Code to Accept or Receive Payments
As of now, merchants needs to install POS machine to receive payment from their customers, but with this new technology of receiving payment, you can save money of those machines. To start receiving payments from customers using Bharat QR payment system you first need to generate your QR code. You can take print out or soft copy of your QR code and paste it at the counter. To generate BharatQR through app follow below steps.
- Install & Open any app that supports QR code.
- Create your QR Code.
- Paste or stick it at the counter.
- Enjoy easy cashless transactions.
Bharat QR Code Supported Apps
Currently, there are only two apps which can be used to make a transfer using Bharat QR payment system; You can use ICICI’s Pockets app and HDFC’s Payzapp app to use this imps based transaction directly from one bank account to another with much ease.