Government want to encourage digital India and in no mood to give oxygen to black money so it launches Bharat Qr Codes after BHIM app launches. This qr code can work at anywhere. You can pay with this at any place without carry your debit or credit cards. it could be outlets at railway stations, bus depots, petrol pumps, shops, grocery stores, vegetable markets, hospitals, dispensaries, etc. It presently work with Master Cards, Visa Cards, American Express Cards and RuPay cards as well. After demonetization many mobile wallet companies are growing rapidly but after launch of BHARAT QR Code it will effect all of them because as of now it is not supported mobile wallet.
After demonetization most of the mobile wallet companies like Paytm, Freecharge, Mobikwik, oxigen wallet are increased but now bharat qr is the answer to them.
As of now Indian economy comprises of more cash economy due to agriculture and other aspects but after demonetization of Rs 500/- and Rs 1000/- it is gradually moving towards cashless economy and to promote cashless economy union government launches BHIM app after that in budget it also give benefit if you have more digital turnover and now government launches Bharat QR code.
What is Bharat QR Code
Bharat QR Code is a common Quick Response (QR) code standard supporting Visa, MasterCard and Rupay cards. Bharat QR code enables merchants to accept electronic payments without the need for a EDC machine.
This new facility allows customers to use their smartphone to scan Bharat Quick QR code at the merchant outlet. The transaction is completed with enhanced security and speed and the card details remain in control of the customer.
How Bharat QR Code Works
For using Bharat Qr code an mobile should have in your pocket and you must have the app that supported the Bharat Qr Code as of now only BHIM app, Payzapp by HDFC and Pockets by ICICI bank has inbuilt feature of Bharat Qr Code. By the time all bank are joining the Bharat QR Code.
As a customer you don't need to carry more cards just add them to your app and set primary account and you are ready to use it. You have no need to share your mobile no.
Your bank’s official mobile app or an app linked to Visa, MasterCard, RuPay platforms, generally comes with an inbuilt QR Code reader.
To make a payment, as a customer you would need to scan the ‘Bharat QR’ code using the mobile app. Then enter billed amount and your UPI pin or MPIN then amount gets transferred from your account to the merchant’s account.
Steps To Use Bharat QR Code
- Download and Install Payzapp or Pockets app
- Sign In / Sign up to your account.
- Set 4 Digits PIN code.
- Now link your CC/DC/Bank Account.
- All Done!! You are ready to make cashless payment.
- Open the app & click on Bharat QR option.
- Scan the QR code at merchant store.
- Enter the payment amount once the code is scanned
- Pay the amount via Credit Card /Debit Card linked to the app or VPA (Virtual Payment Address) like youname@upi or yourname@bankname.
How Will It Benefit You?
You no longer need to worry whether your card will be accepted at any particular merchant location as the solution has been standardized across all card networks. To add to it, you don’t need to carry multiple cards. Just link the cards to the app and select the appropriate card during the payment. No need to share your mobile number or account details with anyone.
How Will It Benefit A Merchant?
Merchants no longer need to invest in any hardware for accepting digital payments or Giving charges to bank of POS machine or a maintain dedicated device. A simple display board containing the QR code is all that it takes to start accepting payments.
Security Benefits of Bharat QR Code
Currently, when you give your credit / debit card to swipe, there is negligible possibilities of someone capturing crucial details such as card number, expiry date and CVV. While OTP option is enabled for two-step-verification before authenticating transaction, the risk of exposing your card details still remains. In case of Bharat QR code, the transaction is completed with enhanced security. Card details remain in customer’s control, which is a big advantage.
It has security features like UPI payment address, Account no., IFSC code, and Aadhar card no.
For more Info See the Video