Bharat QR-Quick Response To The Needs Of Digital Payment
BANKING FINANCE|July 2017

Bharat QR-Quick Response To The Needs Of Digital Payment

Rakesh Bhootda
Bharat QR-Quick Response To The Needs Of Digital Payment

Although the banks were already on their way to devise and promote digital payment with the primary objective to reduce the cost of transactions, to tap the next gen customers and for financial inclusion however it was Demonetization of old currency notes which is making the big push to digital payments. The government wants to achieve a less cash society and it is doing everything in its ambit to do so.

The government of India has already launched Unified Payment Interface (UPI) for smartphones and Unstructured Supplementary Service Data (USSD) for basic feature phones. The government has also introduced BHIM (Bharat Interface for Money) app which is a unified UPI app. Another introduction by the Government is the AadhaarPay that enables the people to make cashless money transactions using Aadhaar Card and their fingerprint for biometric authentication. To make the payment process easier and hasslefree, the National Payment Corporation of India (NPCI) a GoI organisation which has developed IMPS, UPI and BHIM has now rolled out yet another product called Bharat QR code payment transfer mechanism for cashless electronic payments.

Over the last few years, 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 GoI has now taken another step to encourage digital payments and has simplified things for merchants and for the customers by launching the Bharat QR Code.

What is QR Codes and How it Works?

QR code or Quick Response code is a two dimensional machine readable code that is made up of black and white squares. It is used to store URLs and other information which can be read by the camera of a smartphone. Bharat QR code will make use of QR code system for payments across merchant outlets.

Diese Geschichte stammt aus der July 2017-Ausgabe von BANKING FINANCE.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der July 2017-Ausgabe von BANKING FINANCE.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS BANKING FINANCEAlle anzeigen
ICICI Bank partners with PhonePe to offer instant credit on UPI
BANKING FINANCE

ICICI Bank partners with PhonePe to offer instant credit on UPI

ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.

time-read
1 min  |
November 2024
Indiagold Eyes Major Expansion in India's Gold Loan Market
BANKING FINANCE

Indiagold Eyes Major Expansion in India's Gold Loan Market

Indiagold, a prominent fintech company specialising in gold loans, is set to disrupt the gold loan industry with its ambitious expansion plans and innovative product offerings.

time-read
1 min  |
November 2024
RBI CIRCULAR
BANKING FINANCE

RBI CIRCULAR

Facilitating accessibility to digital payment systems for Persons with Disabilities Guidelines

time-read
4 Minuten  |
November 2024
Legal News
BANKING FINANCE

Legal News

The Supreme Court announced the launch of a new webpage on its official website providing summaries of landmark judgments.

time-read
5 Minuten  |
November 2024
The Role and Impact of the Insolvency and Bankruptcy Code (IBC) in NPA Recovery
BANKING FINANCE

The Role and Impact of the Insolvency and Bankruptcy Code (IBC) in NPA Recovery

Indian banks, especially grappling with the mounting challenge of Non-Performing Assets (NPAs) within Scheduled Commercial Banks (SCBs), are experiencing a significant downturn in their capacity for credit recycling, resulting in reduced business opportunities and declining profits. However, various factors contributing to the severity of NPA problem are including macro-economic, political, and internal factors, emphasizing the complexity of the issue. With this background, the present study puts an effort to look at the role of the Insolvency and Bankruptcy Code (IBC) in NPA recovery and also showcasing its significance in resolving insolvency and maximizing creditor recovery.

time-read
8 Minuten  |
November 2024
Big Data in Banking: Analysing its Role, Advantages and Challenges
BANKING FINANCE

Big Data in Banking: Analysing its Role, Advantages and Challenges

Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.

time-read
5 Minuten  |
November 2024
Is SIP Always the Best Option? A Look into Lump-Sum vs SIP During Volatile Markets
BANKING FINANCE

Is SIP Always the Best Option? A Look into Lump-Sum vs SIP During Volatile Markets

SIP is a method of investing a fixed amount at regular intervals, typically monthly, into a mutual fund. It allows investors to buy more units when prices are low and fewer when prices are high, a process known as rupee cost averaging.

time-read
6 Minuten  |
November 2024
Strategies for Mutual Fund Retail Investors during market downturns
BANKING FINANCE

Strategies for Mutual Fund Retail Investors during market downturns

When stock markets experience a decline, mutual fund investors often face a sense of insecurity and apprehension. The volatility can lead to impulsive decisions, which, rather than securing financial health, may impair long-term investment objectives.

time-read
5 Minuten  |
November 2024
The Rise of Green Marketing: Driving Sustainable Change
BANKING FINANCE

The Rise of Green Marketing: Driving Sustainable Change

Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.

time-read
8 Minuten  |
November 2024
Fraud Risk Management In Banking
BANKING FINANCE

Fraud Risk Management In Banking

Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.

time-read
6 Minuten  |
October 2024