Bharat QR Code- Way to Easier Digital Payment : After the demonetization on 8th November, the digital payment system has been tremendously promoted in India. However, to make these significantly less demanding the Government has introduced Bharat QR code. It is a single inter-operable QR code. Bharat QR should take deigital payments to a larger amount of comfort. Here we go, Check more info about, What is Bharat QR code? How does Bharat QR code function? Why is Bharat QR important? Etc. Here we have provided much information about Bharat QR code.
Bharat QR Code- Way to Easier Digital Payment for Merchants & Shopkeepers
The Government is pushing digital payments energetically. For this, it has officially made many step. A year ago, it had announced Unified Payment Interface (UPI). UPI was a progressive choice of the Government. After the demonetization, it had made some more intense steps such as restricting money withdrawals and money payments. It also reported prizes for cashless payments through Lucky Grahak Yojna and Digi Dhan Yojna. From that point forward, it had made another progressive step. The Government has created and introduced BHIM UPI app to make cashless payments much quicker and easier.
A QR code comprises of black squares organized on a white background. It holds the data about the thing with which it is connected. It stores the data in machine intelligible configuration. This data can be perused using particular application and a mobile camera. QR codes are used to contain URLs, item information and even bank details these days. With QR codes, you don’t have to enter the payee information physically. You should simply check the QR code and each data will naturally be entered in your system.
Bharat QR: combining all in one
The Bharat QR code based payment system was freshly introduced to promote digital payments using QR Code. Now the QR Code is supported by many of the card companies and payment wallets. mVISA by VISA and Masterpass QR by MasterCard were the two principle QR based stages. Wallets like Paytm and freecharge had also incorporated QR codes. In any case, they were restricted to their own stage. For instance, a QR code created by Paytm must be used to pay using Paytm itself.
To avoid this complexity in digital payments, the Indian government have heard us and launched Bharat QR code. This service joins all significant card organizations in a single framework. Right now, three card organizations are associated with Bharat QR – Rupay, VISA and MasterCard. American Express will also go ahead the Bharat QR soon as said by one of its authorities.
Presently, regardless of which organization’s card you have you can make payment to each card or bank account with Bharat QR. By and by, 15 banks have accompanied Bharat QR including every significant bank.
These banks are- , ICICI Bank Ltd, HDFC Bank Ltd, State Bank of India, Vijaya Bank, Citi Union Bank, Karur Vysya Bank, Bank of Baroda, Axis Bank, Bank of India, DCB Bank Ltd, IDBI Bank Ltd, Punjab National Bank, Union Bank of India, RBL Bank Ltd, and Yes Bank Ltd.
What is the Significance of Bharat QR Code?
Before introducing the Bharat QR code making payments is a bit difficult thing. In spite of the fact that many people have moved to digital payments, such as, UPI and card based payments. However, both the vendors and the clients confront a few problems in digital payments. A client needs to enter a dealer’s information, such as, account number, mobile number or VPA information every time. Furthermore, if he/she is paying with cards then he needs to swipe the card on the PoS machine. The dealer needs a PoS machine which is expensive.
Even through there are some different alternatives, such as, Freecharge, Paytm, or Mobikwik with a comparative element to Bharat QR. However, these are semi-closed wallets. Both the parties need the same application to send or get cash. What’s more, vendor needs to exchange the cash from the wallet to the bank frequently. These apps also have exchange limits related with them. Yet, Bharat QR has tackled these issues.
Now a client, don’t have to enter shipper details every time. You also don’t have to swipe your credit, charge or prepaid card on swipe machines. Indeed, even you don’t have to bring each of your cards with you each time you go out. With Bharat QR, you just need to check the Bharat QR code with your mobile camera. Enter the sum and UPI PIN to make payment. There is no need of conveying card or swipe machine. The digital payments are presently really got simpler and quicker with Bharat QR code.
Benefits of Bharat QR code
- Merchant don’t need to invest into POS machine.
- Unlike mobile wallet there would not be any limit to transfer money into the bank account.
- Money will be credited into the account immediately.
- It allows merchants to receive money without the use of POS swipe machine.
- There would not be any transaction fees for using POS machine of banks.
- A customer can pay to merchant without using debit card. There is no need to carry card.
- There would be less chance of fraud as your card details do not get exposed. The card swipe exposes your card number, CVV and expiry date.
Types of Bharat QR Code
BharatQR code can be of two sorts.
- Static QR Code
- Dynamic QR Code
Static QR Code:
It is created by a vendor to get payments of any sum. The dealer needs to create it, print it and paste it on the outside of its shop. You, a client, needs to sweep this QR code with BHIM UPI application or some other bank-particular application. The application will read every one of the points of interest from the BharatQR and will request the sum. Enter the sum and pay. The payments in BharatQR are done using IMPS, henceforth the cash will in a split second credit in the dealer’s account.
Dynamic QR Code:
Dynamic codes are created for single use as it were. To produce dynamic code the trader needs to enter the sum and create the code. No need to copy and paste the dynamic code on the grounds that the code will get to be distinctly unusable. He or she just needs to show the code to client and client needs to output this code. As the sum is now entered by the trader, the client needs not to enter it once more. The payment will be done when you tap on the ‘pay’ button.
How to receive payment Through Bharat QR Code
Retailer / Shopkeeper
- Link your bank account with BHIM App.
- Generate your unique Bharat QR Code from BHIM App.
- Print the QR code and stick it on your counter
- Now customer can pay you using your Bharat QR code
How To Pay [Customer]
Initially clients must have carry their Smartphone which is having the BHIM app installed it it. The BharatQR code is compatible with almost every bank app such as ICICI’s iMobile app, HDFCs PayZapp etc. Now, look after the steps given here.
- To Pay through the Bharat QR code you must have a smartphone with camera.
- You should have installed a payment app which uses the Bharat QR code. Many banks apps use the Bharat QR code.
- Login to your mobile app and choose the payment through QR code.
- Scan QR code of the merchant
- Enter the amount, description and PIN to make payment. That is it.