Quick Response codes (QR Code) are the new trend in banking and digital payment industry. And recently launched India Post Payments Bank (IPPB) has taken it to the next level through it’s QR Card. Using this card provided by the IPPB, one can easily withdraw money without even disclosing their bank account number, and there is no need to remember the password and pin as well. So, in this article, let’s know what this QR Card is and how it can be used to withdraw cash and make transactions to other places.
India Post Payments Bank Launched QR Card
Like Paytm payments bank and Airtel payments bank, India Post Payments Bank (IPPB) is a newly launched payments bank from the side of Indian Govt. But where other banks offer ATM or Debit cards, IPPB has completely changed the scenario. It has developed a new card called QR Card which can be used to withdraw money. And there are no important details such as card number, validity, CVV mentioned in the card excepting the QR code and the barcode. Even a password or secret pin code is also not required to withdraw money. So, how does the whole thing work? Let’s know the full story!
What is QR Card?
First of all, let me tell you what a barcode is. Barcode is an optical label in which some data are imprinted which cannot be read by humans, but a machine can extract the data from it or understand the things imprinted on a barcode. And QR code is the trademark for a type of two-dimensional barcode. So, QR code is used to imprint some data which protects it from disclosing to other humans, because humans can not read it, but when it is scanned by a QR code scanner, the machine can read the data and act accordingly.
QR card is a plastic card where a QR code and a barcode is printed on it. It can also be available digitally in the form of an image, that’s too scannable by the machines. In the India Post Payments Bank, QR cards are used to hold the customer’s bank account data without disclosing them in front of others.
Features & Benefits
There are many benefits of using a QR card. Below, you can see some of them:
- Neither user’s account number, nor their card number, validity & CVV is mentioned in the QR card. So, your details stay private, and others, even the postman or banking correspondent don’t know it when you use this in public places or post offices.
- You do not need to remember your bank account number and other details related to your account. Everything is inside the QR card; other cannot know that also.
- Even a password or pin code is not needed. So, the issue of forgetting password never bother you.
- Instead of passcode or pin, your biometrics are used to ensure the security of your account which is much more secure and safer than the other types of cards used for banking.
- You can carry a QR card digitally in your smartphone also. That is scannable too which makes it more convenient for the users.
Uses of QR Card
As of now, the card (both digitally and physically) can be used only to withdraw cash from post offices. But very soon, like Paytm, it too can be used to shop, even at small retail stores and merchants.
How to Withdraw Cash Using a QR Card?
If you have a QR card associated with your IPPB account, you can easily use your QR card to withdraw money from your account by visiting the Post Office. Once you request to withdraw cash there, the postman will scan your QR code and verify your biometrics. After the verification, you will be provided cash.
India Post Payments Bank has also introduced the doorstep banking option by which users can take the home delivery of cash at an additional cost of Rs 25 per withdrawal.
How to Apply for a QR Card?
As of now, IPPB is the only bank that is offering QR cards. There you just need to create a payments bank account in order to get the card. You can create an account either by visiting your nearest post office or digitally. But, very soon, other banks may also adopt it, then it will be available for all bank users.