Cashless Payment : Bharat QR
India has reached a new milestone in cashless transaction by launching BharatQR, the world’s first interoperable payment acceptance solution. This is the second big ticket initiative from the Centre, after BHIM, towards pushing digital transactions.
What is BharatQR code?
BharatQR code is an interoperable payment acceptance solution. Even if the merchant and customer are on different payment platforms, BharatQR will enable payment from one to the other. This means that merchants need to display only one QR code instead of multiple ones for different payment platforms. It has been jointly developed by the National Payments Corporation of India (NPCI), Amex, Mastercard, and Visa, BharatQR code would require.
Need for BharatQR:
The main reason for this is, it is ideal for small roadside mer chants who find it tough to invest in point-of-sale terminals for card payments. For them, BharatQR is an asset-light and cheap payment solution. There is no need to invest on a terminal hardware, the merchant just needs a smartphone and a QR code printed sticker to accept digital payments.