BharatPe is a financial technology (Fintech) startup that provides a one-stop solution for merchants to collect UPI payments via multiple payment apps in India. Merchants can start receiving payments to their bank accounts instantly, once they have signed up for this simple quick response code (QR code).
BharatPe makes the payment system simple for UPI apps like Freecharge, TrueCaller, Google Pay, Paytm, Mobikwik and so on. This utility app is deployed to track settlements and transactions, collect UPI QR Code payments, accumulate regular cashbacks, and monitor and manage sales. BharatPe aims to reach 1 crore plus offline merchants in India.
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The Government wants to make India a digital country. The Government of India has promoted the concept of ‘Digital India’ by introducing Unstructured Supplementary Service Data (USSD) for basic phones and Unified Payments Interface (UPI) for smartphones. The Government also introduced the Aadhaar Pay app and Bharat Interface for Money (BHIM). The Aadhaar Pay app helps people make cashless transactions using Aadhaar Cards. Bharat QR codes have been launched to make online payments easy in India.
A QR code is a machine-readable code made up of white and black squares. The smartphone reads QR codes and stores URLs and other details. As per the Reserve Bank of India (RBI), the Bharat QR Code is the first inter-operable payment platform. The Bharat QR payment system was introduced by National Payment Corporation of India (NPCI) in collaboration with payment networks like Visa, Amex (American Express) and MasterCard.
The process of generating Bharat QR codes is easy for merchants who just need to follow these steps:
BharatPe is one of the biggest achievements of the Indian Government in fostering paperless and cashless payments in India. The app is already popular with the citizens of India. As more banks are expected to join the system, expect large scale expansion of this app.
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