Atom Payment Gateway: [Payment Encyclopedia] BharatQR

Compared to other QR codes, Bharat QR has numerous additional data elements such as merchant name, address and bank information. Unlike other QR codes, Bharat QR is an open system and is compatible with all banks, making it more widely accepted and more secure. It supports a wide range of payment methods, including credit cards, debit cards and mobile wallets. Consumers can associate their bank account or mobile wallet with the QR code scanning application and choose their preferred payment method at the time of transaction.

Types of BharatQR

BharatQR QR codes are categorised into the following two types:

BharatQR Static Code: When using a static QR code, the consumer scans the QR code, enters the amount, enters the PIN, and then pays the merchant or transfers the funds to someone else.

BharatQR Dynamic Codes: Dynamic QR codes require consumers to scan and enter a PIN code to make a payment, as a new QR code is generated for each real-time transaction, already displaying the merchant name and the amount payable.

Related parties of BharatQR

- Acquirers: These entities are responsible for managing merchant access, merchant management and merchant solutions through mobile applications. Currently, 28 banks are actively participating as acquirers on BharatQR.

- Card Issuers: Issuing banks are responsible for processing consumer registrations and consumer solutions through mobile applications. Currently, 32 banks are actively participating as card issuers on BharatQR.

- Transaction Processing Engine (NPCI): This is the final transaction routing engine of the payment system.

Note: Operationally, BharatQR is currently supported only on Android and iOS devices, while the UPI method can be used via the USSD of the phone.