All About Bharat QR

By | April 21, 2017

All About Bharat QR

In an effort to encourage the adoption of a digital economy in the country, the Indian Government has recently launched a new payment method using QR codes.

After the introduction of several new payment methods such as Unified Payments Interface (UPI) and the BHIM app for smartphones, the latest entrant onto the digital payments stage is the Bharat QR code.

How Bharat QR works

Bharat QR is the latest introduction to the digital payments arena. Bharat QR uses your mobile phone to pay through your Debit or Credit Card. This is done by scanning a code at the merchant outlet. The introduction of Bharat QR eliminates the need to physically swipe your Debit or Credit Cards.

Additional Reading: Mobile Banking 101

Which banks have implemented Bharat QR?

Currently, MasterCard, RuPay, American Express and VISA cards can be linked to pay for transactions through Bharat QR.

Bharat QR promises easy payments

The Bharat QR code aims at creating a standardised QR code payment method throughout the country. Payment networks such as American Express, MasterCard, Visa and National Payment Corporation of India (NPCI) have partnered to encourage wider acceptance of the Bharat QR payment method.

Additional Reading: Adhil Shetty On Aadhaar-enabled OTP-based eKYC & Digital Payments

The present method of payment requires consumers to swipe a Debit or a Credit Card and enter a PIN to authenticate the payment.

However, with the introduction of Bharat QR code, a consumer only needs to open his or her banking app or BHIM app, scan the merchant’s QR code, enter the amount to be paid and enter the four digit code in order to authenticate the transaction.

The amount will be transferred directly to the merchant’s bank account on successful completion of the transaction.

An easy payment option

The Bharat QR code will give customers an easy scan and pay option irrespective of which type of card they have. Both the merchant and the customer will immediately receive notifications on the payment being successful. This payment method will eliminate the need for PoS machines at merchant outlets.

Additional Reading: Why You Should Give UPI & BHIM A Chance

The implementation of Bharat QR will save merchants from investing in PoS machines. With the Bharat QR payment method, merchants also save on the transaction fees charged by the banks for POS transactions.

To use Bharat QR, merchants will now need to get the Bharat QR code for their outlet and display the same at the payment desk.

This will definitely simplify the use of digital money for customers and help avoid financial discrepancies.

How Bharat QR will benefit merchants

For merchants, apps like Paytm, MobiKwik and Freecharge levy a transactional fee. There is also a certain limit to the amount of funds that can be deposited through these portals.

Since the Bharat QR code is directly linked to the bank, the payments will go to the merchant’s bank account through IMPS. There is no limit to the amount of money the merchant can deposit in the bank.


What if you lose your phone?

In case a user loses his or her smartphone, all they need to do is call their respective bank and inform them about the loss of their phone.

The Bharat QR code initiative will also support payments through the UPI payment address and Aadhaar number in the coming months.

Looking for an easy way to apply for a loan, Credit Card or even make an investment in Mutual Funds?

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About Dheeraj Kapoor

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