What is Bharat QR and what are its Benefits?
After demonetization in India, the payment system has made a big push in the Indian economy. E-wallets, UPI apps, and bank apps were introduced to encourage cashless transactions.
Every Indian citizen was/still looking for a fast, simple and easier monetary transaction facility. Keeping this in attention, the Government of India introduced an app “Bharat QR app.”
This app has a unique bank-based facility that promotes the payment process through scanning codes.
The user needs to scan a QR code available at the billing counter. They need to select the payment card and add the amount. After successful payment, the merchant and customer will receive the notification.
What is QR Code?
A QR code is a square grid that includes black squares fixed on a white background. This square is read by a visual anticipated device like a camera. It consists of information about the items.
What is Bharat QR?
The Bharat QR is an innovative payment system. This system is established through the collaboration of NPCI with payment networks like Visa, Mastercard, etc. It offers a quick method to make payments.
Note: NPCI stands for National Payment Corporation of India. It is an organization to operate a retail payment and settlement system in India.
The merchant displays the QR code at the payment location. It enables the customer to pay utility bills without sharing any credentials.
What are the benefits of Bharat QR?
The benefits of Bharat QR are-
1. No need of debit/credit card
People do misplace or break their credit/debit cards & could not make payments. Now, they don’t need to bother about the same. The Bharat QR aids people to easily and hassle-free make payments.
2. No limit on transactions
As a merchant, you can receive limitless transactions every month. You can deposit funds to your account with immediate payment service.
3. Multiple options to make payments
The Bharat QR code has tie-ups with multiple banks to make payments. Even the app supports international payment systems like American Express.
4. No ancillary charges
You (customer) are not required to make payments with extra charges via Bharat QR.
5. Push based transaction
The Bharat QR code provides you with a simple and quick push based transaction. Just scan, enter the amount, put in the security code, and payment is done.
How to use Bharat QR?
- Access BHIM app or your bank app.
- Scan the QR displayed on the stores, shops, etc.
- Add the payment amount.
- Enter the security code.
- At last, payment is done.
- Install the BHIM app.
- Register your bank details.
- Take a print of your QR code available in the app.
- Paste the code at the cash counter so that consumers can scan & make payment.
- Finally, start taking payments.
Who are the bank members as a part of Bharat QR app?
Currently, there are 14 banks that are a part of Bharat QR app. They are
- HDFC Bank
- Bank of India
- Citi Bank
- Axis Bank
- Karur Vysya Bank
- State Bank of India
- Bank of Baroda
- RBL Bank
- IDBI Bank
- Vijaya Bank
- Development Credit Bank
- Yes Bank
- Union Bank of India
- ICICI Bank
What are the prerequisites of the Bharat QR for merchants?
The merchants should have the following things-
- Bharat QR app for merchants.
- Stable internet connection
- A smart phone
- Saving account or current account in any bank branch of India.
What is the dissimilarity between Bharat QR code transactions and BHIM?
Bharat QR is an app integrated with mobile banking apps. It provides the facility to the merchants to accept payments in the card linked with the bank’s mobile app.
On the other hand, BHIM is an aggregated app. It interchanges the work across the services of DPI platform. These platforms are launched by various banks in India.
The Bharat QR app is the highest accomplishment for the Government of India. This app motivates and promotes cashless payment in the economy. From street stalls to shopping malls, customers can scan QR code at any time.
The Bharat QR app is convenient for customers & merchants and provides secure payment options.
Q1. Is Bharat QR app available to traders all over India?
Yes, the Bharat QR app is available to merchants all over India.
Q2. How can I make payment through Bharat QR at the point of sale?
You can easily make payment by scanning the static or dynamic QR code through Bharat QR app. To describe in brief,
In Static QR Code, the customer will open the Bharat QR App. He/She will scan the QR code, enter the amount & security code and make payment. At last, the customer and merchant will receive the notification of payment.
In Dynamic QR Code, the merchant will provide a dynamic QR code to the customer for scanning.He/She will check merchant details, enter the amount and make payment. Finally, the merchant and customer will receive the notification of payment.
Q3. Is there any specific card usage to make payment through Bharat QR app?
No, you dont require any specific card to make payment via Bharat QR app. This app is adaptable with all kinds of cards such as Visa, MasterCard, etc.
Q4.Should I enable mobile banking on my account to make payment with Bharat QR?
Yes, you must enable mobile banking on your account for making payments with Bharat QR.