BharatQR code, the world's first interoperable payment acceptance solution, was launched today as part of efforts to move towards less-cash economy at an "insignificant cost", according to industry members.
Digital india has stepped ahead with a new technology of payments and that is Bharat QR Code payments transfer mechanism. This is a more streamlined system of making payments where technological problems will get reduced and people will not suffer from card loss or card expiry problems
Easily scanning the QR code through your mobile phone will help you in transferring your money from one source to another. Unlike digital wallets where payments are received from e-wallets, through QR code your payments will directly get received in your bank accounts.
Although various private companies and banks already have this facility in their mobile app, but what makes this QR code different from others is that it is interoperable with all the banks and it is not a closed-loop system.
Here are 5 things you should know about Bharat QR Code:
Get away with your digital card usage
Using Bharat QR code you do not need to swipe your credit card or debit card through any PoS terminal. You simply need to scan the QR code and transfer the payments. POS machines are readily not acceptable by various merchants because they have many drawbacks like machines do not work most of the time, there are security issues as well. Most of the time terminals do not even read the card properly and then merchants have to bear the loss as their products remain unsold.
QR code is supported by major payment terminals
Currently, NPCI has tied up with 14 banks where Bharat QR code will support payment terminals of RuPay, Visa, MasterCard and American Express. This will help in enabling a quick and handy process for making the transfer of payments and also help in saving time.
The list of banks supported by the BHIM app and bharat qr code is as follows:
Allahabad Bank
Andhra Bank
Axis Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Catholic Syrian Bank
Central Bank of India
DCB Bank
Dena Bank
Federal Bank
HDFC Bank
ICICI Bank
IDBI Bank
IDFC Bank
Indian Bank
Indian Overseas Bank
IndusInd Bank
Karnataka Bank
Karur Vysya Bank
Kotak Mahindra Bank
Oriental Bank of Commerce
Punjab National Bank
RBL Bank
South Indian Bank
Standard Chartered Bank
State Bank of India
Syndicate Bank
Union Bank of India
United Bank of India
Vijaya Bank
Over the past few months, the government has been aggressively pushing for higher usage of digital payment mechanisms, including launching BHIM app and increasing penetration of PoS machines.
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