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.
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