Indian Government recently launched Bharat QR Code which is a revolutionary QR code to transfer money between all banks and digital e-wallets. The user can even transfer money from e-wallets to merchant’s bank account by scanning a single QR code. In this article, we are going to discuss the different types of Bharat QR Code which can be used to send or receive money digitally.
Different Types Of Bharat QR Code
There are two types of Bharat QR code available right now. The first one is Static QR Code and the second one is Dynamic QR Code. Both QR codes can be scanned using a smartphone. Receivers have to create one type of Bharat QR code, and customers or senders have to scan that QR code using their bank apps or digital wallet QR code scanners.
About Static Bharat QR Code
To send money using Static QR code, a sender has to scan that QR code using his/her bank app or UPI app’s QR code scanner. Then just enter the amount of money which you want to transfer. Click on send. That’s it. Your entered amount will be transferred to receiver’s bank account or e-wallet instantly. This type of Bharat QR code is best for small merchants where all type of products is available but in lower quantity.
About Dynamic Bharat QR Code
The only difference of Dynamic QR code is receiver have to generate this code for a specific amount. That means sender can’t enter his/her desired amount to transfer. The amount will be fixed for each Dynamic QR code. Shopkeepers or retailers can use dynamic Bharat QR code to sell fixed rate products. So, customers can’t bargain at the time of payment. But as a receiver have to create different QR codes for different prices, it will be a hard and brainstorming work for shopkeepers. So, this type of Bharat QR code is not suitable for small shops or retail stores.