BAR CODE FORMULAS
BharatQR, the scan-based payment platform, is one more step towards a less-cash India
Manoj Adlakha CEO, American Express Banking Corporation
BharatQR is integrated within the bank's mobile banking app. It's a path breaking initiative to bring quick, easy and affordable payments to merchants and consumers"
After launching its mobile wallet app— the UPI-based BHIM- -theed government has introduced BharatQR code, gently which without does away with the the botherneed to of carry cash or cards puttingto makeup collateral assets, you have payments. It’s a scanned payment two options—a personal loan solution pushing India or a loan on your credit card. towards a less-cash economy. Both have their pros and
A QR (quick response) cons. While a personal loan code is a machine-readable will take a few days to process 2D barcodeand you’ll containedneed to show/in a square, which contains information about the item to which it is attached. The codes are used for a lot of things—product tracking, item identification, to open website links, tickets, contact information, document management and general marketing. A unique effort, it has been developed together by India's top payment networks MasterCard, Visa and National Payments Corporation of India (NPCI) to speed up India’s transition to a less cash apps of multiple banks supporting BharatQR can be used in one smartphone. The quick response code’s interoperability is distinct from mobile wallets, which are largely closed-loopsubmit documents, systems credit (sender and card receiverloans will have cometo be throughon the samein a matter paymentof hoursapp). without any To proof. make That paymentssaid, both are throughvery different BharatQR, products. the
A personal loan needs user needs to go to his documents such as identity bank’s mobile app, select and address proof, income the scanning option (for and bank statements of the instance, the updated version past three months. It will of ICICI’s Pockets app take three to seven days to has get the sanctioned. ‘BharatQR’ For option credit to scan the code), scan the BharatQR code provided by the merchant and get the payment processed. All transactions on BharatQR require authentication using an MPIN, which makes them safe and secure. Being a common payment interface, it does away with different QR codes for different firms. For merchants, a big plus is just one QR at the storefront.
Bharat QR is an all-in one form of QR code. Card-holders simply have to use the Bharat QR-compatible mobile app of their bank or card issuer, without worrying ing about acceptance issues.
Like, for transactions using wallets, both the payee and the receiver need to have the same one - a Paytm wallet cannot be used to make payments to a FreeCharge wallet. Another plus is that Bharat QR is available on smartphones with Android and iOS operating systems. This is a boon for small merchants with no PoS machines and unable to process card payments. Scanning the code and making a payment eliminates the need to enter credit card loans and ID, phone number or other details, which most wallets require. So, it’s a simple way of transacting.
Payments made using Bharat QR are backed by operational rules provided by the four networks-Visa, MasterCard, American Express and RuPay. If a mobile phone is lost or stolen, the account holder can have his payment account deactivated immediately by contacting the banks concerned. Moreover, customer data does not rest on the mobile phone. Banks follow KYC norms for customer and merchant acquisition, which makes Bharat QR a safe, secure payment method.
An option with the USSD code 99˝ is also under process to support non-smartphone users. With about 700 million feature phone users in India and over 750 million debit card holders, this option together with financial literacy programmes could significantly help achieve digital inclusion in semi-urban and rural areas.