The Prime Minister Narendra Modi, scrapped 500 and 1000 rupee notes on November 8th 2016. The aim of this move was to break the back of corruption and terrorism in India, fueled by black money usually stored in 500 and 1000 rupee notes. Today, black money is nearly destroyed, as tax evaders are being caught by the Government.
A big benefit of demonetization? Going cashless of course. When all transactions in India are done using credit/debit cards, mobile wallets, UPI, BHIM App, Aadhaar enabled payment systems and now Bharat QR Code, we become a cashless economy.
You are well aware of the BHIM App and Aadhaar enabled payment systems. It’s time to learn the benefits of using Bharat QR Code. Want to learn more on investment planning? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets.
Bharat QR Code is nothing but a quick response (QR) code, where you can make digital payments, without the help of card swiping machines. Bharat QR Code has the power to make POS (Point of Sale) terminals and card swipe machines, redundant.
You must be wondering what’s a QR Code? It’s nothing but a two-dimensional machine readable optical label, attached to an item or a product. The QR Code contains information on the product to which it is attached.
The Bharat QR Code has a Government mandate (Support). The Bharat QR Code works as a common interface for RuPay cards, Mastercard, Visa and American Express. Bharat QR Code can only be used on select bank apps. Soon, all major banks will update their apps to support the Bharat QR Code.
To use the Bharat QR Code, all you need is a Smart Phone. You then download the bank app, which is compatible with the Bharat QR Code.
To use the Bharat QR Code, you will need to install the BHIM App, or any bank app which supports Bharat QR Code. You go to a store and buy that lovely watch? So how will you make the payment using the Bharat QR Code? Simple…..You just open the BHIM app and tap on Scan QR Code. You can also use the Scan and Pay, depending on the bank app you use.
You then scan the Bharat QR Code, after which you will have to enter the amount you want to pay. You then add a remark and enter your 4-digit passcode. After authentication, the payment (money) gets transferred to the merchant’s bank account.
You don’t need to enter the merchant ID or his phone number while making a payment. You simply scan the QR code and enter the amount you have to pay. The amount gets transferred from your bank account to the merchant’s bank account, in seconds.
Bharat QR Code is a common QR Code. It has been jointly developed by NPCI (National Payments Corporation of India), which runs the RuPay cards, Mastercard, Visa and American Express. Merchants can easily be identified through the QR Code, whether you make the payment through RuPay cards, Mastercard, Visa or American Express. All you require is a QR scanning app. It doesn’t matter if it is UPI-based or Aadhaar based.
If you are the kind who is tech savvy and use mobile banking a lot, the Bharat QR Code is just the right thing for you. You don’t want to use credit and debit cards to make small payments? The Bharat QR Code steps in. You are a small merchant? Bharat QR Code is just the thing for you. It helps you receive payments from customers, eliminating the need for POS (Point of Sale) machines. You can save a lot of money.
Bharat QR Code has the power to change digital payments in India. The Government is very serious in promoting digital payment solutions in India. The BHIM App has been very successful in pushing India towards becoming a cashless economy. Now it’s the turn of the Bharat QR Code. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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