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.
Esta historia es de la edición July 2017 de BANKING FINANCE.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición July 2017 de BANKING FINANCE.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
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.
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.
RBI CIRCULAR
Facilitating accessibility to digital payment systems for Persons with Disabilities Guidelines
Legal News
The Supreme Court announced the launch of a new webpage on its official website providing summaries of landmark judgments.
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.
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.
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.
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.
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.
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.
