{"id":5466,"date":"2017-02-21T11:29:33","date_gmt":"2017-02-21T11:29:33","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=5466"},"modified":"2020-11-18T02:22:48","modified_gmt":"2020-11-17T20:52:48","slug":"bharat-qr-digital-payment-works","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/bharat-qr-digital-payment-works\/","title":{"rendered":"Bharat QR: How India\u2019s Latest Digital Payment System Works (VIDEO)"},"content":{"rendered":"

In its latest move to go cashless, the government of India just launched \u2013 Bharat QR code, a brand new Quick Response(QR) Code system that will now let customers make payments by just scanning the display code through a single app across various payment processors.<\/span><\/p>\n

What is Bharat QR Code<\/b><\/h3>\n

The Bharat QR code app is India’s very own QR Code – one code – across major interchange networks.<\/span><\/p>\n

Bharat QR code app enables a \u00a0customer to pay via QR code \u2013 a square made of black and white boxes that is used to store URL information. <\/span><\/p>\n

This 2D, machine-readable code <\/span>has been developed by National Payments Corporation of India (NPCI) along with MasterCard, Visa and AMEX. It has been built\u00a0on the guidelines issued by the Reserve Bank of India, which makes it a standard code for all payment processors. The code works on the IMPS system.<\/span><\/p>\n

Now, sellers can say goodbye to PoS machines that require the customer to swipe their debit or credit cards. They can instead just display this code and receive payments from their customers instantly.\u00a0<\/span><\/p>\n

How Does Bharat QR Code Work?<\/b><\/h3>\n

Bharat QR code works just like any other scan-able QR Code. <\/span>
\n<\/span><\/p>\n

If you are a buyer<\/b>:<\/span><\/p>\n

    \n
  • Download the bank app that has enabled Bharat QR. About 15 major banks including SBI, ICICI, Axis and HDFC are ready to deploy the QR code.<\/span><\/li>\n
  • Scan the merchant\u2019s QR Code.<\/span><\/li>\n
  • Enter the amount you need to pay. Authenticate with MPin<\/span><\/li>\n
  • Your transaction is done!<\/span>
    \n<\/span><\/li>\n<\/ul>\n

    This essentially eliminates the need to enter the merchant\u2019s phone number or swipe your card (which is susceptible to security fraud like phishing, skimming etc.)<\/span>
    \n<\/span><\/p>\n

    If you are a seller:<\/b>
    \n<\/span><\/p>\n

      \n
    • Contact your bank to provide you with a QR Code decal to display in your store.<\/span><\/li>\n
    • Download the Bharat QR in your smartphone. <\/span><\/li>\n
    • Once your business account is verified by the bank, you can start accepting payments via Bharat QR.<\/span><\/li>\n<\/ul>\n

      Bharat QR is available for iOS and Android. It\u2019s the first of its kind \u2013 interoperable \u2013 as it supports VISA, RuPay, MasterCard and Amex. It also accepts Aadhar-based payments and UPI.<\/span><\/p>\n