Thus we will not need to swipe Debit/ Credit card in the PoS (Point of Sale) machine. Now just scan Bharat QR Code at merchant shop and make payment entering our PIN in mobile baking app.
Now we will not need to share our Debit Card & Credit Card details to merchants. Earlier we used the Credit/ Debit card to merchants outlets. Some details of credit/debit card saved in the PoS or the merchant can see the credit/ debit card number and 3 digit pins.
What is Bharat QR Code Digital Payment System
Bharat QR Code Features
- Massive Collaboration with RuPay, Visa, Master Card and American Express. So customers & merchants have any different in cards but they can make payment each other using QR Code.
- 15 Banks are part of this platform. So it will not matter whether customer has bank account in State Bank of India and merchant has HDFC bank account.
- It you already installed BHIM App, so don’t worry. Because Bharat QR Code also accept UPI based payments.
- It will reduce the transaction cost between merchants and customer. Because the payment accepting though the Bharat QR code is completely free of cost.
Security benefits of Bharat QR Code
National Payments Corporation of India (NPCI) has launched the world’s first interoperable payment platform. The people were worry to using Debit/ Credit Card to merchants because of thief of card details. So the purpose of Bharat QR code to inspire and encourage more digital payments without using Debit Card and Credit Card.
How to make payment to merchants using Bharat QR Code
- First of all customers will need to install their Bank’s app or BHIM app in smartphone.
- Then scan the Bharat QR Code available available on merchant’s shop.
- As the code complete scanned, you will need to enter the amount which you want to pay.
- Now enter your four digit pass-code. As the authentication complete, the amount will be transfered to merchants bank account.
How to accept payment from customers using Bharat QR Code
- Merchants will generate Bharat QR Code and take the print of it.
- The print of QR will pasted at payment desk.
- The customer will scan the Bharat Quick Response (QR) Code and make the payment.
- The merchant will receive the payment in their bank account the Immediate Payment System (IMPS).
- The payment successful message will be deliver to the merchants and customers mobile.