Indian government is leaving no stone unturned to make digital payments more convenient and accessible among the masses. To promote digital transactions, government has introduced several measures including Unified Payment Interface (UPI), Unstructured Supplementary Service Data (USSD) based mobile banking for basic and feature phones, Bharat Interface for Money (BHIM) app and Aadhaar Pay.
Now to make online payment via cards more easy, government has introduced Bharat QR Code. This system will eliminate the need to swipe credit or debit cards, cost of owning and running swipe machines and transaction fees as well. QR system being the easiest payment method, Bharat QR Code will further simplify things for merchants and customers.
For the first time Visa, MasterCard, American Express and National Payment Corporation of India’s (NPCI) Rupay have come together to facilitate a common payment platform.
Consumer can simply open his or her banking app or BHIM app, scan the merchant’s QR code, enter the payable amount and enter the four digit code to authenticate the transactions. Once the transaction is complete, the amount will directly get credited in the merchant’s bank account through IMPS.
This means you can easily scan and pay at any shop. And the merchant is not required to own a PoS machine anymore.
Unlike private payment apps like PayTm, MobiKwik and Freecharge, you don’t have to load money anywhere and there is also no upper limit on the amount of money or number of transactions as it is directly linked to the banking system.