Bharat QR

Banking Frontiers - - Finance Platform -

Bharat QR is a QR based pay­ment so­lu­tion which rep­re­sents a new chan­nel of ini­ti­at­ing and ac­cept­ing pay­ments be­tween buy­ers and sell­ers (or con­sumers and mer­chants) us­ing the mo­bile phone. This so­lu­tion has been jointly set up by NPCI, Visa and MasterCard which is ca­pa­ble of digi­tis­ing pay­ment trans­ac­tions be­tween con­sumers and mer­chants. These QR Codes are de­ployed at mer­chant lo­ca­tions for cus­tomer-ini­ti­ated re­tail trans­ac­tions and al­low the cus­tomer to be in con­trol of ini­ti­at­ing and au­then­ti­cat­ing the pay­ment to the mer­chant with­out pro­vid­ing the mer­chant any of his/her cre­den­tials.

As on Septem­ber, about 24 banks are live as Is­suer and 26 Banks are live as Ac­quirer on BharatQR.

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