Bharat QR Code Digital Payment System

Demonetization and then a massive push for digital transaction – the Union Government seems to be in no mood to give air to black money or corruption as such. To propagate the digital payment system through Indian economy, which is largely a cash-based economy for now, the government has been announcing sops and various incentives for those who adopt cashless transactions in India. The government did a number of things like:

Here are few things you need to know about the new cashless transaction system.

No need of debit or credit cards

Using QR Code means that your credit and debit cards become redundant. One just needs to scan the QR code through their smartphones to transfer the payments.

No transaction fee or PoS machines

If QR code technology makes it easy for customers, it is equally useful for merchants too. Merchants don’t have to install a POS machine at their shops. They can simply have a QR code embedded on their cash counter and may receive payments through that facility.

The payment will take place via (Immediate Payment Service) IMPS, and the money will be instantly credited to their bank account. Unlike Paytm, Freecharge and Mobikwik, merchants will no longer have limits on the amount of money that they can accept every month.

Government-owned payment mechanism

Bharat QR Code will be looked after by NPCI, which is a government-owned body and regulated by RBI. Earlier, NPCI has already successfully launched its UPI app and USSD feature for making payments.

Currently, NPCI has tied up with 14 banks where Bharat QR code will support payment terminals of RuPay, Visa, MasterCard and American Express. This will help in enabling a quick and handy process for making the transfer of payments and also assist in saving time.