Bharat QR: How India’s Latest Digital Payment System Works

With the launch of BharatQR, the world’s first interoperable payment acceptance system, India has achieved a new milestone in cashless transactions. The center’s second major project following BHIM is digitizing India’s financial landscape. Bharat QR code is a cross-platform payment system that accepts Visa and MasterCard. Because the Bharat QR code does not require an upfront investment in a Point of Sale (PoS) system. It allows for a quick implementation of digital payment acceptance infrastructure across the country. 

Adopting internet payment methods has proven to be a lifesaver for many firms since demonetization led to digitalization. Several companies have switched to an online payment system to facilitate debit and credit card transactions. These payment systems offer their own set of advantages, such as making business payments easier and assisting merchants in growing and expanding their enterprises.

Here’s all you need to know about India’s most extensive digital payment system: Bharat QR Code.

Introduction to Bharat QR code

A Quick Response code (QR) is a two-dimensional principle that a machine can read. It appears like a square made up of several black and white squares that the smartphone camera can interpret. URLs and other critical information are contained in this little QR code. This arrangement has been inferred by several payment networks, including Mastercard, Visa, American Express, and NPCI. Across the country, however, various retailers utilize different QR codes.

Bharat QR code is a simplified framework that has reduced technological concerns, resulting in fewer issues like card expiration or loss. During the procedure, the user’s data and information are kept private. 

How does Bharat QR work?

Thanks to QR codes, switching cards at the payment gateway is no longer necessary. Nowadays, point-of-sale machines include enhanced capabilities that allow clients to scan QR codes shown on the device at the payment terminal to complete an electronic transaction. After the consumer scans the QR code with his smartphone, the merchant may input the sale amount and take the payment. This payment option is not only simple, dependable, and secure for both customers and merchants.

Benefits of introducing payment through Bharat QR in your business 

  1. There is no cost associated with the Bharat QR code.
  2. It’s a single cohesive QR code that can accept payments from Visa, MasterCard, and RuPay cards, allowing for more acceptability.
  3. Customers may make payments using the Bharat QR code without carrying a physical card, debit card, or credit card.
  4. The possibility of data theft or security concerns associated with device sales is reduced.
  5. Customers may take advantage of various upgraded services by paying using QR codes, such as EMI mobile phone, purchase now and pay later, EMI on debit cards, and so on.
  6. Merchants who accept Bharat QR code payments will receive the funds immediately into their bank accounts.

How can merchants benefit from Bharat QR?

Merchants with small businesses may quickly produce the Bharat QR Code by printing it off and sticking it to their payment counter. Retail and restaurant establishments may employ POS systems to increase earnings and expand their businesses in the long run. These days, modern POS machines come with various features and benefits that make collecting payments easier and error-free. Several retailers, particularly retail outlets, have adapted to POS systems and thereby envision an improved client experience.

How to implement the Bharat QR code in your business?

Customers can pay for items or services by scanning a QR code, which merchants can produce for their business. The following are the steps to creating a QR code for your business:

  1. Ensure having a bank account.
  2. Use the Bharat Interface for Money app to link your bank account.
  3. Create a one-of-a-kind QR code for your company.
  4. For consumers to pay, print the code and put it anywhere in your business or make it available online.

Finally, merchants receive a notification/message after the consumer completes the purchase.

Final Note 

The Digital India program has increased commerce. The Bharat QR code has given retailers the ability to provide customers with more flexibility. It has aided the growth of businesses by facilitating and securing payment for merchants and their consumers. Mobile phones are anticipated to become the only way to make payments in a few years. Credit and debit cards may become outdated as the whole payment landscape shifts to a more digital approach. The concept of simplicity lies at the heart of both technology and payments. As a result, QR Codes are ideal for in-store payment.