What is Bharat QR Code?
Bharat QR code is a next step to these cashless transactions. Bharat QR code is an initiative by NITI Aayog and National Payments Corporation of India (NPCI). Bharat QR code is a barcode that can be scanned by the merchants to accept payments through mobile phones. It will be displayed on the screen of your mobile phone when you make a payment using your UPI app or any other online payment gateway.
Though Bharat QR code is not mandatory at this stage, it is expected that in future it will be made mandatory as a part of government cashless initiatives.
Bharat QR code can be used in two ways:
1) Merchants can install a POS device at their shop with an internet connection and BRB app installed on their mobile phone with a UPI enabled bank account linked to it. Then when you are paying for something at their shop, they scan the QR code payment on your smartphone using their POS device and the transaction gets completed automatically.
2) You can use any other UPI app or digital wallet app like Paytm or Freecharge etc., then click on send money option from this app and enter the amount along with merchant name and scan the QR
The State of Digital Transactions in India
In a professional tone: The introduction of point of sales (PoS) machines in India’s rural areas to encourage the community over there to bring their funds to banks. Inconvenience should not be an excuse when it comes to bettering the country’s economy on the whole. With regard to technology, Indian’s are good at observing, adopting and empowering it as they enjoy it.
The government will always have the opportunity to come up with welfare schemes and offers when there is money in the bank. Apart from this, there will be control on funds that are being raised for various illegal activities. In other words it also means control on black money being funded for various types of corruption. Point of Sales machines (PoS) is being introduced in India’s rural areas to encourage the community over there to bring their funds to banks. Inconvenience should not be an excuse when it comes to bettering the country’s economy on the whole. With regard to technology, Indian’s are good at observing, adopting and empowering it as they enjoy it.
Benefits of Digitised Payments using QR Code
Bharat QR code is a payment solution which can be used by both merchants and customers. The merchant will have to download the app in order to generate the QR code. The customer can scan this QR code with their smartphone’s camera and make payments through their bank accounts or credit cards.
Bharat QR code can be used in multiple ways:
Merchants can generate a unique QR code for each product they sell and display it on their POS machine or website. This helps them in accepting payments from customers without any additional charges imposed by banks or payment gateway providers.
Customers can also use Bharat QR code to pay for purchases made online using their smartphones’ cameras. This process requires both parties to install an app on their phone before making a transaction through Bharat QR code.
Bharat QR code can be used for offline transactions too! In this case, customers need to scan the product’s barcode instead of scanning the merchant QR code. This makes it easy for customers who do not have access to the internet at all times or due to connectivity issues etc.