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All You Need to Know About BharatPe and Bharat QR Codes

IndianMoney.com Research Team | Posted On Friday, June 14,2019, 04:05 PM

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All You Need to Know About BharatPe and Bharat QR Codes

 

 

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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All You Need to Know About BharatPe and Bharat QR Codes

 Benefits of BharatPe:

  • No setup and transaction fees charged
  • Payments are instantly credited to merchants’ bank accounts
  • Simple documentation
  • No daily and monthly limits
  • The UPI platform keeps your business and customers secure
  • The App remains open 24/7
  • Fast and secure payment system for Indian merchants
  • A streamline payment system to minimize technology-related issues
  • Customers do not suffer when their cards get outdated.

Bharat QR Code

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.

Process of Generating Bharat QR Codes

The process of generating Bharat QR codes is easy for merchants who just need to follow these steps:

  1. Open a bank account.
  2. The BHIM App has to be linked to this bank account.
  3. The Bharat QR code must be generated from the BHIM App.
  4. Get the code printed and ensure it’s clearly visible to your customers.
  5. Customers can scan the code and start making the payments.

What Should You Know About Bharat QR Codes?

  • All types of debit and credit cards are accepted for online payments.
  • Bharat QR codes also support UPI-based payments, and people can use BHIM app for payments.
  • According to the latest report, 14 banks have become a part of this platform. They include Vijaya Bank, Yes Bank, Karur Vysya Bank, IDBI Bank, Development Credit Bank, ICICI Bank, Union Bank of India, Axis Bank, HDFC Bank, RBL Bank, Bank of India, Citi Union Bank, and Bank of Baroda
  • Under this system, each transaction is given a new code.
  • Customers do not have to pay any transaction fees.

Bottom Line

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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