BharatQR code launched in India
BharatQR has been launched in India.
BharatQR, a common quick response (QR) code that allows users with debit or credit cards to pay directly from their phone by scanning just a QR code has been launched in India.
The new payment system has been developed by MasterCard, Visa, American Express and National Payment Corporation of India (NPCI), which operates RuPay card network in India. It is being seen as a big shift by the government to promote digital payments in the retail sector.
BharatQR will remove the users’ dependency on cards, and would eventually help disrupt the card network’s age-old business of issuing cards and setting up expensive point-of-sale (POS) terminals.
Mandated by the government of India, BharatQR code will enable digital payments without card swiping machines.
Customers of any bank can use their smartphones to execute payments through the banking app by scanning the QR code at the POS and only enter the transaction amount. Once authorised, the amount gets transferred directly from the customer’s bank account to merchant’s account.
A number of banks including Axis Bank, Bank of Baroda, Bank of India and HDFC Bank are currently supporting BharatQR payment app.