Bharat QR Code and its advantages, a key initiative of the Government of India to promote cashless payments:- www.deekpay.com

The Government of India has launched the Bharat QR code with an aim to promote cashless payments.QR codes (Quick Response) allow consumers to make online payments by scanning a display code on their mobile phones. This method also helps in enabling digital payments and reduces the use of card machines for payments.

Not only that, this fast payment method also allows users to pay their daily bills such as utility bills using the Bharat QR-enabled mobile banking app. Users are not required to provide any personal authentication details to the merchant at the time of payment. Let's find out more about it below:

What is Bharat QR?

The BHIM (Bharat Interface for Money) app is a unified UPI app that was launched not to create a dichotomy between UPI QR codes and Bharat QR codes, but to make the payment process easier and more secure.Bharat QR facilitates the interaction between merchants and individuals with its unique QR codes. Once the merchant installs the QR code at the shop, the consumer can use the Bharat QR enabled mobile banking app to make payments, choosing the payment method without revealing personal information.

QR Code (Quick Response Code) is a machine-readable matrix of information that contains the information required to receive a payment from a customer. Information such as name, contact address, merchant name, target bank data, etc. are stored in the Bharat QR code. More importantly, payments through this method are very safe and secure.

How to use Bharat QR code mechanism?

Bharat QR is built from the ground up with virtual account transactions at its core and is compatible with a wide range of mobile devices and applications.

In a QR code based payment scenario, the customer scans the QR code on the merchant's shop using the Bharat QR enabled mobile app. Upon successful scanning, the customer is directed to the checkout page where he/she enters the card details and completes the payment for the appropriate amount. Once the payment is complete, both the merchant and the consumer are notified of the payment status. Once the payment is successfully authorised and recorded, the funds are transferred to the bank account according to the settlement plan.

Let's go through the flowchart to understand how Bharat QR works:

Working Mechanism of Bharat QR Code

Supported payment methods include:

- UPI

- Credit/debit cards

- Mastercard

- Visa

- RuPay

Does Bharat QR code have an advantage?

According to industry forecasts, non-cash spending is expected to exceed cash spending. Infrastructure is one of the most important needs to enable electronic transactions. Moreover, Bharat QR virtually eliminates the need for construction and operational costs.

Here's how this payment method can help your business:

- Allow cashless transactions for customers without cards

Customers can make cashless purchases without using a physical credit or debit card. Payments are done through Bharat QR enabled mobile apps of banks. For wide acceptance, this payment system supports Visa, MasterCard, American Express and Rupay cards, as well as BHIM-UPI.Depending on your needs, you can bind multiple cards to the Bharat QR-enabled bank's app and choose which one to use.

- Ensure customers have a smooth payment experience

Thanks to the Bharat QR UPI specification, there is no longer a need for a specific wallet app. Your consumers can now use any app that is linked to a bank account and integrated with BHIM. As a merchant, you just need to generate a unique Bharat QR code using the BHIM-UPI app. Print and stick this code on the payment counter and the customer can scan the QR code and transfer money directly into your account. There is no need for any additional physical or technical involvement.

- All major banks support Bharat QR

Major banks and service providers such as HDFC Bank, State Bank of India, Amazon Pay, Paytm, PhonePe and others have already achieved integration with Bharat QR. Thus, consumers can easily transact no matter which bank or wallet provider they hold an account with.

- Unlimited payments

As a merchant, there is no limit to the amount you can receive per month through Bharat QR. In addition, with Instant Payment Services (IMPS), funds are transferred to your account as soon as the settlement is complete. With no intermediate digital interface between accounts like PayUMoney or PayBiz, cashless payments are fast and easy.

- Extremely secure payments

There is zero chance of customer credit card information being leaked to a third party. You do not need to physically deliver any debit or credit cards to make a payment, so there is no risk of data theft. You do not need to enter or provide a mobile phone number or account information when making a payment.

Where can I use Bharat QR code?

It is a software for Android/ iOS that generates dynamic QR codes and prints them on bills for electricity, gas, etc. to pay the correct supplier. Merchants and distributors can now accept QR code payments and transfer funds directly into their bank accounts.

How to get started with Bharat QR?

Let's follow a simple flowchart to understand how easy it is to get started with Bharat QR.

Bharat QR offers consumers and merchants an easier and more convenient way to transact. It eliminates the need to use multiple QR codes from different payment networks when a customer transacts with any merchant. Similarly, in order to accept Bharat QR payments, retailers only need to register with their bank and display a QR code on the payment counter.

reach a verdict

Bharat QR code is undoubtedly one of the major achievements of the Indian government towards a cashless economy. However, understanding Bharat QR UPI comes with the need for a secure payment gateway to execute transactions.PayU India is one such platform that allows Indian businesses to accept online payments from their customers.

PayU offers consumers more than 100 payment options, including the popular Bharat QR code. Even though they are new to the scene, they ensure secure and fast transactions for over 450,000 business owners. So, if you want to focus on your business without worrying about payments, visit the PayU India website today!