After the demonetization of old currency notes, India is rapidly adopting the Digital payments system. Even e-wallets found a sudden increase in customers post demonetization. Also, the government (Bharat Interface for money) has launched the BHIM App which was based on the UPI (Unified Payment Interface) method. Now the government of India has stepped one more step in the direction of making India Digital & introduced another useful yet easy payment method named as Bharat QR Code payment method. Digital Bharat QR allows the user to transfer, receive payments by 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 enter your pin in the POS machine. But using Bharat QR, you only need to scan the 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?
Bharat QR 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 compatible app for the transaction to make 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 does Bharat QR Payment System Work?
Unlike other QR Codes, Bharat QR has lots of additional data elements like merchant name, address, Merchant Bank information, etc. It is much more widely acceptable and secure than other QR codes. Bharat QR works as an alternate channel of payment, here customer has to install his/her bank’s Bharat QR enabled mobile banking app and then he/she has to register on it to make payment. Now the customer has to scan the QR code at Merchant counter and choose a card to make payment. Once payment is successful, both customer and merchant will receive transaction notification in their app.
Customer: How to use Bharat QR to Make Payments?
At first, you need to register for Bharat QR and link your card to it. As of now, 28 banks support Bharat QR. 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 the Bharat QR bank transfer system follow:
- Download any Bharat QR Compatible App (Banking App).
- Register for Bharat QR Payment System.
- Set 4 digit M-PIN to your account.
- Now link your debit or credit card or your bank account.
- Just Navigate to Scan to Pay option in the app.
- Then scan the QR code at the merchant’s showroom or store.
- On the next page enter the amount you want to transfer.
- Done! Amount to be transferred instantly.
Merchant: How to Accept or Receive Payments?
As of now, merchants need to install a POS machine to receive payment from their customers, but with this new technology of receiving payment, you can save money on those machines. To start receiving payments from customers, a merchant first needs to generate QR code. You can take print out or soft copy of your QR code and stick it at the counter. To generate Bharat QR through app follow steps.
- Visit your bank for Merchant Bharat QR registration.
- Install & Open your banking app that supports QR code.
- Log in your account.
- Create a dynamic & static QR Code.
- Paste or stick it on the counter.
- Enjoy easy cashless transactions.