Bharat QR Code Apps Launched - Complete Guide - Yardloo.com - Bihar & Jharkhand News

Breaking

Post Top Ad

Post Top Ad

Monday, February 20, 2017

Bharat QR Code Apps Launched - Complete Guide

BharatQR Code apps is being launched today for scan and pay. Bharat Qr code apps is being launched to eliminate the cash from the market.
Under this Bharat QR code system there is no need to use any type of Card details or account number or phone number. The customers can simply make payments by scanning the QR code and entering the transaction amount at any merchant location in India.
BharatQR code—a quick response (QR) code mandated by the government to enable digital payments without card swiping machines.
NPCI new technology will change the entire market retail payments in future run.

What is a QR code?
It is a two-dimensional (black squares arranged in a square grid on a white background), machine-readable optical label that contains information related to merchant.
What is the requirement of QR code?
In order to provide the enhance security , It eliminates the need of entering the merchant’s ID or phone number to make payments. Payment are simple done scanning the QR code and entering the transaction amount. The amount gets transferred directly from the bank account without the need of a swiping machine.
What is the difference between PayTm and Bharat QR Code ?
E-wallets like Paytm also enable transactions through QR code, but both parties need to have a Paytm account to use it.
Who are the Participant ?
15 banks have come on board and are in the process of deploying Bharat QR code. The 15 banks are Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, DCB Bank Ltd, Karur Vysya Bank, HDFC Bank Ltd, ICICI Bank Ltd, IDBI Bank Ltd, Punjab National Bank, RBL Bank Ltd, State Bank of India, Union Bank of India, Vijaya Bank and Yes Bank Ltd.
While Visa, MasterCard and Rupay card holders have been integrated. In future American Express will also be brought in to fold.
How is BharatQR code different?
BharatQR is a common QR code interface for the Visa/MasterCard/RuPay platform, BharatQR will also facilitate acceptance using Aadhaar-enabled payments and Unified Payments Interface (UPI).
Who are the user of Bharat QR code ?
Any individual residing in India having smartphone and bank account number. They must be having the bank apps like mobile banking  compatible with BharatQR code.
Right now only credit, debit and prepaid card holders with the member bank can use this service and the service is not currently available on Unified Payment Interface.
How to use the Bharat QR code ?
There are two types of BharatQR code —static and dynamic.
The static QR code 
First scan the code and enter the amount on your smartphone and authorize with a PIN, after which the money will get debited. 
Dynamic QR code
The merchant will generate a new QR code for every transaction. Here you don’t have to enter the amount. You can just scan and enter the PIN and the payment will go through.

No comments:

Post a Comment