Bharat QR Code is India’s new digital payment system. Bharat QR Code is going to make PoS terminals and card swipe machines redundant. In this post, we are going to share how it works and everything else you want to know about Bharat QR Code.
What is Bharat QR Code App and From Where TO Download.
The government of India has been making a big push for digital payments since demonetization of old currency notes. In a move to promote Digital payment system and encourage cashless transactions, the government of India has introduced Unified Payments Interface (UPI) for smartphones, and Unstructured Supplementary Service Data (USSD) based mobile banking for basic and feature phones. The government has also introduced Bharat Interface for Money (BHIM) app, which is a unified UPI app, and Aadhaar Pay that enables you to make cashless money using Aadhaar card and your fingerprint for biometric authentication. Now, to further ease the payments process, the government has introduced Bharat QR Code for cashless electronics transactions.
Over the past few months after the move of demonetization, a lot of people have moved on from making cash based transactions to cashless transactions using various mode of payments like credit and debit cards. However, this mode of electronic payment for cashless transactions has strings attached regarding transaction fees and the cost of owning and running the card swipe machines.
With Bharat QR Code, the government has taken yet another step to promote digital payments by simplifying things for merchants and also for the consumers. Let’s dive in a little deeper to understand what is Bharat QR Code all about, how it works and what are the benefits.
A look at current QR Code-based payments
The QR code-based payments are accepted by most merchants across India, but they are largely closed systems. Visa is a pioneer in QR Code payments, and it has already launched mVisa in India a year-and-a-half ago. Last year, DTH operator TataSky had partnered with Visa to allow and accept QR code-based payments from its subscribers. In fact, mVisa is the widely accepted payment option across the globe. Continue reading “What Is Bharat Qr Code App How to Download and Use”