India’s payments systems are on transitional period. From hard cash to soft plastic, payments systems have evolved to make life a whole lot easier. Indians have slowly settled into the concept of cashless transactions. There are many methods for transferring electronic funds, but most of them are still yet to be fully adopted by consumers on a regular basis. To promote digital payments across rural and urban India, the government launched the Bharat Interface for Money (BHIM) app. While the BHIM app effectively converts your phone into an e-wallet and simplifies Payments through the use of the Aadhar card, it faces stiff competition from other dedicated e-wallet services.
One of the latest payment methods that could make transferring funds super-easy is the Bharat QR code. While QR codes are fairly dated technology, the Bharat QR code is the first of its kind to enable interoperable payment solutions. Let’s learn more about the Bharat QR code and how beneficial it could be for day-to-day payments.
The Bharat QR Code payment feature has now been implemented by the Delhi Metro Rail Corp (DMRC). Commuters no longer need physical tokens to travel, instead just have to scan a QRcode displayed by the token counter to pay.
How does Bharat QR differ from current QR?
QR based payments have existed for quite some time now, with many service providers like Tata Sky and Visa accepting payments through the method. Bharat QR lets users scan QR Codes to make any sort of online payment from any e-wallet app they have installed on their smartphone.
How to use Bharat QR?
For Retailers:
- To accept payments, download the BHIM app and register your back account details
- Generate a unique QR code through the option displayed on the app
- Print out the code and display it near your cash counter
For Customers:
- You can either use the BHIM app or your bank’s dedicated app to make payments
- Approach the cash counter and scan the displayed QR code
- You will be prompted to enter the amount to be paid as well as a security code to confirm the payment
Benefits of using Bharat QR
- No need for credit/debit cards: Card users have three big problems; losing, breaking or having the card stolen. While digital card services helped solve this issue, there is still the hassle of time delays and faulty payments. Bharat QR is touted to be faster, safer and easier to operate.
- Support from multiple payment terminals and banks: The government is working to expand Bharat QR’s tie-ups with multiple banks. At present, 14 major banks support Bharat QR; there is even support for international payment terminals like Visa and American Express as well as Indian payment gateway RuPay.
- Cuts down on maintenance cost: POS terminals are the most commonly used devices for payment transactions. The trouble is that POS devices are expensive to maintain and also require multiple installations if the retail store has many floors. Bharat QR requires virtually no cost to install, print and display saving loads of money for the retailer. Payment solution provider Bijlipay is the first to introduce Bharat QR integrated within POS terminals, so consumers still have the option of paying with a card or digital depending on their preference.
- No limit on the number of transactions and total amount: One of the biggest drawbacks of existing payment terminals is the restriction on the total number of transactions and the total amount of the transaction you are allowed to make. Bharat QR has no such restriction.
- Strong security and backup: Since Bharat QR is developed by the National Payment Corporation of India in collaboration with MasterCard and Visa, you can be certain of the extreme safety and security measures that are built into the feature.
Digital payments are getting better and more accessible with every step forward the government takes. All that remains is to see just how effective the spread of this new payment method will be. With the new GST laws expected to impact digital payments, one can be certain that Bharat QR will become a trusted payment method.