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Enjoy Digital Freedom This Independence Day

IndianMoney.com Research Team | Posted On Tuesday, August 14,2018, 03:05 PM

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Enjoy Digital Freedom This Independence Day

 

 

Tomorrow is India’s 72nd Independence Day. This is the day we remember the sacrifices made by our freedom fighters. Our freedom fighters fought the British Raj and August 15th 1947 is our Independence Day.

Now it’s time for the citizens of India to enjoy Digital Freedom. It’s time to say no to cash and reduce cash transactions this Independence Day.

How can we do this? Let’s find out. Want to know more on investment planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

 

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Enjoy Digital Freedom This Independence Day

Let’s talk about the quick response codes popularly called QR codes and how they bring true digital freedom, this Independence Day. You must have seen barcodes when you visit the supermarket, retail store or a clothes shop. A barcode is a machine readable code in the form of numbers and a pattern of parallel lines of varying width. A barcode can be read by a scanner.

A QR code is similar to a bar code, the difference being the QR code stores data in two dimensions which appear as pixelated black and white squares, each containing a unique pattern which can be read by a mobile phone camera.

 

1. What is a QR code?

 

A quick response or QR code is a 2D Barcode which encodes alphanumeric information. If you have a smartphone with a camera, you can easily decode a QR code.

 

2. How to make payments using QR codes?

 

If you want to enjoy digital freedom, try mobile shopping. You can choose any product you want and make payments in seconds using the mobile phone.

How can you pay with the mobile phone? Simple….QR codes.…QR codes are changing the way payments are made in India. You can use QR codes to pay utility bills, fuel, grocery, food and also for tickets.

All you need is a smartphone and a bank account tied to a mobile phone. Now, if you want to make a payment, you simply scan the QR code, enter the amount and submit.

How to pay for an auto using QR code in Paytm? You simply take out your smartphone and scan the Paytm QR code which the auto rickshaw driver has pasted in his rickshaw. You enter the amount and submit. The auto rickshaw driver receives an SMS confirming the payment.

 

3. Why merchants love QR codes?

 

QR codes are easy to deploy and cost a fraction of a POS (Point of Sale) machine and users simply love it. With QR codes you can make payments in seconds compared to credit or debit cards.

The penetration of POS devices is quite low. Simply speaking, there aren’t enough POS Terminals in India.

QR Codes can be used to make payments at milk booths, paan shops, kirana stores and even auto rickshaws. Kirana stores and milk booths sell low ticket items. QR codes are ideal for these locations.

 

SEE ALSO: Long Term Saving Plans

 

4. What is Bharat QR?

 

Bharat QR is an integrated payment system which uses the mobile phone to pay through your credit/debit card. With Bharat QR you don’t have to swipe credit or debit cards.

You can use RuPay, Visa, Mastercard or American Express to pay through Bharat QR.

How to make payments using Bharat QR? To make payments using Bharat QR, the merchant must register with the bank to receive payments.

How can a merchant register for Bharat QR? A Merchant heads to the nearest bank branch and submits the necessary documents. He is assigned a unique Merchant ID and a Terminal ID. Based on the Merchant ID, Terminal ID and the Bharat QR, a quick response code is generated. The merchant displays the QR Code and a numeric code (PAN No) at the billing counter. The merchant then downloads the Bharat QR merchant app on his smartphone.

To make a payment using Bharat QR, use your banks app which has Bharat QR payment facility. Open the app, click on the Bharat QR icon, scan the Merchants QR code displayed at the counter, enter the amount and your PIN and make the payment.

Enjoy true Digital Freedom this Independence Day and payments using QR codes.

 

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