Important Topic: Bharat QR Code
Submitted by root on Tue, 03/20/2018 - 13:27
Important Topics for Competitive Exams
Bharat QR code is an interoperable payment acceptance solution that supports Visa, MasterCard. Amex and RuPay cards & BHIM-UPI for wider acceptance. Bharat QR code enables rapid rollout of digital payments acceptance infrastructure throughout the country, as it does not involve any upfront investment in Point of Sale (PoS) machine. Bharat QR is P2M (Person to Merchant) Mobile payment solution.
To facilitate massive rollout in a short span of time, Bharat QR code based payment solution is introduced with following advantages:
1. Bharat QR code does not require any upfront expenditure.
2. Bharat QR code is a single unified QR code capable of accepting payments from Visa, MasterCard, RuPay Cards for wider acceptance.
3. Customer can easily make payments through Bharat QR code and does not require to carry physical Debit or Credit card.
4. The risk of data theft or security issues through tampered or cyber-compromised point of sale devices is minimised.
5. Bharat QR code supports dynamic QR codes, which may be printed on electricity bills, gas bills and other utility bills to make payments to the respective vendors.
6. Merchants accepting the payment through Bharat QR Code, receives the amount directly in their Bank account.
Bharat QR code is different from UPI QR code which is used for P2P (person to person) transactions as well.