All you need to know about BharatQR transactions.
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.
How to use BharatQR and how will it change the way you transact? Answers to all your questions are here:
What is QR code?
Quick Response Code (QRCode) is a two-dimensional machine-readable unique patterns attached to carry out specific tasks. A common example is QR code printed on newspaper advertisements or billboards. When scanned using a smartphone, it will direct you to the advertisers website.
In case of retail payments, QR code eliminates the need of a Point of Sale (POS) machine for carrying out electronic transaction.
What is BharatQR code?
BharatQR code is the world’s first interoperable payment acceptance solution. Jointly developed by National Payments Corporation of India (NPCI), Mastercard, and Visa, BharatQR code would require merchants to only display one QR code instead of multiple ones.
How will it change the way I transact?
Traditionally electronic payments are done using a PoS machine. A customer will have to swipe debit or credit card and provide PIN and/or a one-time password to approve the transaction.
In case of payments using QR codes, the merchant and customer should have the same payment application to carry out the transaction. For example, if the merchant uses a PayTM app and the customer has a Oxigen mobile wallet, transaction using QR code is not possible.
But after BharatQR, transactions can be carried out immaterial of the bank or mobile wallets.
How is it different from Bhim app?
BHIM (Bharat Interface for Money) is a mobile app linked to the Uniform Payment Interface that allows you to make e-payments directly from linked bank accounts.
BharatQR facilitates you to carry out such transactions by acting as a link between the merchant's account and the payment app in your mobile.
BHIM can be connected to only one of your bank accounts at a time. But with BharatQR you can even use credit/debit cards, provided it has been connected with a mobile wallet or payment app already.
Which banks are using BharatQR code?
All banks associated with the NPCI are already operationally ready to deploy BharatQR. This includes SBI, Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, Development Credit Bank, Karur Vysya Bank, HDFC Bank, ICICI, IDBI, RBL Bank, Union Bank of India, Vijaya Bank and Yes Bank.
Persons using MasterCard, Visa, AmericanExpress or Rupay can also transact using BharatQR.
What about mobile wallets?
Currently, only HDFC Bank's Payzapp and ICICI's Pockets app have been integrated with BharatQR code. So the code won't work with other mobile wallets. But talks are on with other banks and payment services and more companies are likely to deploy BharatQR.
Do I need to pay extra for using BharatQR?
Most merchants have done away with charging additionally for electronic transactions, especially after demonetisation. However, if a merchant is passing on the Merchant Discount Rate (MDR) to the customer (petrol stations, for example), it is likely to continue.
How safe is my transaction?
There a two ways BharatQR can work. Option 1: A merchant generates a single QR code for the outlet. The customer makes payment by scanning the code and using his/her PIN.
Option 2: The merchant can create a unique code for every transaction. In such a case, the PIN won't be prompted.
In both scenarios, the transactions are secure as sensitive data such as bank account details and PIN are never stored.
I don't have a smartphone. Can I still use it?
The BharatQR is currently rolled out only for smartphone users. But the NCPI is working on Aadhaar-based and UPI address-based payment services. It will be available soon. (The Hindu)
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