Since demonetization, a lot of people have moved on to the cashless payment methods using debit and credit cards. However, this method of cashless electronic payment transaction has strings attached in terms of cost of owning and running the card swipe machines and transaction fees.
The Government of India has taken another step to encourage digital payments and has simplified things for merchants and for the customers by launching the Bharat QR Code.
In this post, we’ve explained all the aspects of Bharat QR code. You can learn how to generate it and how to make a payment using Bharat QR Code.
How To Generate Bharat QR Code:
If you are a retailer or a shopkeeper, you can easily generate Bharat QR code and start accepting payments using following steps:
First, make sure that you have a bank account.
Link your bank account with Bharat Interface for Money app.
Generate your unique Bharat QR Code from Bharat Interface for Money app.
Print the QR code and stick it to the wall of the payment counter.
That's it. Customers can easily pay money by scanning your QR code.
The Bharat QR is a more streamlined system which will reduce the technological problems and people will not suffer from card loss or card expiry problems. It is the easiest method of payment for users. Scanning the QR code through your mobile will help in transferring money from one source to another. Payments made through QR code will directly get transferred to the bank accounts, unlike other digital wallet where payments are received from e-mails. Even though various banks and private companies already have this facility in their mobile app, what makes the QR code different from others is that it is interoperable with all the banks, and it is not a closed-loop system. This Bharat QR code is expected to be convenient for those who are into mobile banking and who don’t want to use debit or credit cards for small payments. The physical Point-of-Sale (POS) machines involves capital costs and therefore Bharat QR code is seen as a better alternative.
Benefits of Bharat QR Code:
Bharat QR Code will allow all the merchants to receive digital payments without the use of Point-of-Sale (POS) swiping machine. It will allow the customers of any bank to use their smartphone app to make payment using their debit card. The benefit for the merchants would be that they don’t have to invest in buying the POS machine, which would also mean that the merchants will be able to do away with the transaction fees charged by the banks for using the POS terminal.
Final Thoughts:
It's evident that Bharat QR Code is one of the biggest achievements of the Government of India in promoting and encouraging cashless payments in the economy. The further success of this scheme will also depend upon the awareness among the people about the usage of Bharat QR Code.
It will be important to see how wallet companies like Pay TM deals with this. If Bharat QR manages to offer lower transaction rates to merchants, life will be difficult for POS machine providers and wallet companies.
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