How to pay with the Bharat QR code
Currently, Bharat QR is integrated into ICICI Bank’s Pockets app and HDFC Bank’s PayZapp with several banks expected to update their apps with support for it. To make the payment, you will need your bank application or BHIM application installed on your phone. In the merchant store, you need to open the app and tap Scan QR Code or Scan and Pay (options may differ from bank to bank) and scan the Bharat QR code.
Once the code has been scanned, the amount to be paid must be entered along with a comment and a four-digit password. As soon as the authentication is complete, the money will be transferred to the merchant’s bank account.
Advantages of the QR code Bharat
The Bharat QR code will allow all merchants to receive digital payments without using the POS (Point of Sale) slider. It will allow customers of any bank to use the smartphone application to make payments with their debit card. The benefit for merchants would be that they would not have to invest in purchasing the PoS machine, which would also mean that merchants will be able to eliminate the transaction fees charged by banks for using the PoS terminal.
All they have to do is generate the Bharat QR code and take a hard copy and paste it at the checkout counter. Payment will be made through IMPS (Immediate Payment Services) and the money will be instantly credited to your bank account. In addition, merchants will not have to face problems related to limits on the amount of money they can accept each month through the Bharat QR code, unlike Paytm, Freecharge and Mobikwik. The hassle of transferring money from wallet to bank account will be eliminated and it will also be easier to accept digital money.
The Bharat QR code also offers security benefits. Right now, when we swipe our debit or credit card, there is little chance that someone will be able to acquire our crucial data, such as the card number, expiration date or CVV. Although the OTP option is allowed for two-step verification before the transaction is authenticated, the risk of exposing the card details still remains. In the case of the Bharat QR code, the transaction is completed more securely and the card details remain under the control of the customer, which is a great advantage.
4 facts about the Bharat QR code
Below are some interesting facts about Bharat’s QR code payment system that every debit or credit card holder should know about.
1) Open payment interface
There are currently many QR code based payment interfaces available. The most important is Visa mVisa from Mastercard and the QR code for MasterPass. But there is a problem with these existing QR code based payment gateways and it is their closed system. This implies that mVisa will only work with Visa cardholders and MasterPass will only work with MasterCard holders. But with Bharat QR Code all users can make and accept payments without problems.
2) UPI integration
UPI-based payments are also supported by Bharat QR Code, so the BHIM app can be used effectively to make payments. It would be interoperable with multiple accounts as the BHIM application can include the details of the bank accounts of multiple banks.
3) Banks offering the Bharat QR code
Currently 14 banks are part of the Bharat QR code platform. The 14 banks are: State Bank of India, Yes Bank, Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, HDFC Bank, IDBI Bank, ICICI Bank, Union Bank of India, RBL Bank, Development Credit Bank, Karur Vysya Bank and Vijaya Bank. More banks are expected to join the forum soon.
4) Payment process using the Bharat QR code
The static payment method is the one provided. Let’s say you are a HDFC Bank customer whose official payment app is PayZapp. You will have to open PayZapp and scan the Bharat QR code from the app and you will need to enter the amount to pay. You will then receive an authorization request from the bank. Once your identity is verified, you will receive a PIN from the bank that you must enter to complete the payment process. Therefore, the official application of the bank in which you have an account must be installed in order to use the payments based on the Bharat QR code.