Post demonetisation, the government has plans to fulfill a revolutionized motto: To create a forward "Digital India". The government has taken a step further in their encouragement tactics by introducing Unified Payment Interface through the launch of BHIM App. Now the current trend that has been introduced to promote cashless transactions is Bharat QR. The Bharat QR will enable a simpler approach to availing the benefits of cashless transactions, minus the extra processing fee required in case of debit cards and other merchant payments. Let us take a closer look at the details of Bharat QR.
What are QR Code Based Payments
QR code based payment basically provides a unified gateway for all payment modes. For example, a user wants to pay via credit or debit card. But the one accepting the payment does not have the swiping machine. This is usually a dead end, where cash payment is the immediate option pursued. Now another option can be considered. That is payments via interfaces Freecharge and Paytm. But again both the sender and the receiver need to have similar apps. Now, this is where Bharat QR comes to play. Being the unified gateway it does not need similar apps or a swiping machine. Bharat QR needs a supporting banking app like the BHIM App and you are all set to make the payments.
How Does Bharat QR Work?
Bharat QR is a code that will support all standardized payment means. It includes Visa, MasterCard, Debit Cards and Rupay Cards. Its range and flexibility make it user-friendly thus promoting more people to go for cashless transactions. The interface will help customers make payments even in the absence of swiping machines and similar payment apps. Thus a two-way benefit is seen: a shopkeeper need not invest in a Point of Sale (PoS) swiping machine and the customer does not have to incur the processing fee losses while making payments via debit cards on PoS swiping machines.
Payments Via Bharat QR
Bharat QR's interface has been integrated into Pockets App introduced by ICICI Bank and PayZApp introduced by HDFC Bank. More banks will soon be integrated by launching supporting banking apps. For generating the QR code, BHIM app has to be used. Thus before making payments with Bharat QR, make sure you have BHIM App installed in your SmartPhone. The following steps have to be taken thereafter to complete the payment:
- Scan the QR code via the BHIM App.
- It will redirect you to the payment portal associated with your bank. There enter the payment details and the amount you have to pay.
- Add a remark as to where the payment is being made.
- Enter the 4 digit passcode as generated by the BHIM App.
- Your payment will be authenticated and the money will be debited from your account and initiated to the receiver's account.
- The receiver then needs to take a print out of the generated QR code and add it to the payment desk.
- Thus the amount debited from the customer will immediately be credited to the receiver's bank account.
Bharat QR: How Secure Is It?
Bharat QR does not demand your ATM pin or CVV details. You simply have to scan and pay. Thus it is an extremely secure interface to make all merchant payments. Your card details are protected and the payment details remain secure with the sender. Also, the receiver can receive the sum immediately in their bank accounts without going through the hassles of a swiping machine or mobile apps. Scan and Pay. Scan and Receive. That is the simple and secure fundamental of Bharat QR.