Just after the currency ban in India. People started using various digital payments providers such as Paytm, Freecharge, Mobikwik, etc. to transfer their money digitally. Sending or receiving money by using UPI apps are easy and safe. But the only problem was, you have to scan different QR codes for different apps or banks. But, recently Indian Government has solved this problem from its root. They have launched Bharat QR code. In this article, we are going to find out the difference between Bharat QR code and other ordinary E-Wallets.
A Quick Description Of Bharat QR Code
Bharat QR code is a normal QR code which can be used to send or to receive money digitally. Just like Paytm QR code. But the big benefit of this QR code is, you can now send or receive money between any banks and digital wallets using this single QR code only. So, now you don’t have to generate different QR codes to accept or send money from different banks or wallets. You can transfer money from digital wallets (like Paytm, Freecharge wallet, etc. ) seamlessly by scanning Bharat QR code.
You just have to link your bank account with BHIM app, and then you can generate Bharat QR code from BHIM app. Then just print it and stick it to the wall of payments counter. Customers just scan this QR code using any bank’s app or any UPI app. Enter the amount and click on Send. That’s it. The money will be transferred instantly.
The other advantage of this QR code is users can use it in shopping malls without taking their credit or debit cards. So, this also solved the problem of exposing user’s card details such as card number, name on the card, expiry date and CVV number in front of other peoples. Another good news is for retailers and shopkeepers. Because from now, they don’t have to spend money to buy POS (Point Of Sale) machines to accept money digitally from their customers.
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Difference Between Bharat QR Code And Other E-Wallets
When we use any QR Code which has been generating from a specific E-wallet provider, then we can transfer money only on that specific E-wallets. As an example, Paytm QR codes for retailers and shopkeepers are only for the transactions between one Paytm wallet to another Paytm wallet. That means you can’t transact if you don’t have a Paytm wallet.
But Bharat QR Code is completely different. It’s tied up with all the banks and digital e-wallets as well. That means you can transfer money between every platform. You can send or receive payment between any banks or e-wallets. As an example, think, your friend has an only way to collect money from you which is his Paytm wallet, and you don’t have a Paytm wallet. You have only a bank account.
Then, you can also send money from your bank account by scanning your friend’s Bharat QR Code. And your friend will receive your funds in his bank account. This way you can transfer between any bank or digital wallets.
It’s a revolutionary decision of Indian Government. Currently, all the major card providers like Visa, MasterCard, RuPay cards are tied up with this single Bharat QR code. We can also tell it a bridge between all banks and digital wallets.