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Tuesday, January 25, 2022

What is Bharat QR Code? How Can You Get Benefit From It?

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The term “Demonetization” is a much-known term for people in INDIA now these days. On 8th November 2016, the Government of INDIA announced the demonetization for all Rs. 500/- and Rs. 1000/- notes with that new Rs. 500/- and Rs. 2000/- notes will get in exchange. This announcement was done by our Prime Minister Narendra Modi Ji. After this, all people across INDIA faced the prolonged cash shortage for day-to-day transactions which ended in the disturbed economy. The main goal behind this demonetization was to remove the component called black money. As per the reports the Government of INDIA failed to purge black money from our economy.

All this leads to a big push for all cashless, cardless, online-transfer, internet banking and other digitize payment options and helps to become a more digitize country. To encourage this cashless transaction further in the very simple and quick way the Government of INDIA launched UPI – Unified Payments Interface for smartphones through BHIM – Bharat Interface for Money application. The Bharat QR is one of the world’s first interoperable payment mechanism solutions for acceptance of all kinds of payments directly to the account. It was developed by NPCI – National Payments Corporation of INDIA with the collaboration of Rupay, Visa, Amex, and Mastercard. Now the Bharat QR code is one of the latest payment methods and makes the make the transferring of payments in a super-easy way.

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Let’s Find Out How To Use This Bharat QR?

This Bharat QR is beneficial for retailers, shopkeepers, and end-user like us and the customers. Make a note that you need to have bank account saving or current as per your requirement.

For Merchant, Retailer, and Shopkeeper:

  • Download the BHIM App from the play store.
  • Register yourself and link your bank details to it.
  • Generate unique QR codes through the given option for yourself.
  • Take a nice quality printout of that code and keep where you usually received payments.

For End-user like us or customers:

  • Download the BHIM App from the play store.
  • Register yourself and link your bank details to it.
  • While making payment scan the QR code of Merchant, Retailer, and Shopkeeper.
  • You will get the notification of the paid amount with the security code for the confirmation.

This is very simple and easy to operate just download and within a few steps, you can use it.

I think you now have understood how simple and easy to use this Bharat QR is. Let’s focus on how it can be a benefit for us.

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How Bharat QR Code Beneficiary For People

1. Experience How To Become a Part of The Cashless Era

We should feel very proud of our country. That we develop our application. If you consider that you will use the debit card, visa card but you can face the problems like losing it, the card gets stolen and breaking it. If you forgot your pin by any chance then it will be like the time-consuming process to generate it back. On the other side, the Bharat QR is easy, fast and safe.

2. Security & Back up Option is Strong

The QR code is a small pattern structure printed on the surface. The most important thing is you can’t read this code by your naked eye. The QR is mostly machine-readable. You can keep trust in the National Payments Corporation of INDIA. This app is developed by them so, it’s very safe to use.

3. No Transaction Limits

This is like a special thing in Bharat QR. As a Merchant, Retailer, and Shopkeeper you don’t have any limitations of transaction or any other charges every month. It also does not have any transaction cost. This you will not get with other such applications. This uses the transactional method as IMPS – Immediate Payment Service. S, you have to always worry and check on time-to-time basis weather you received a payment or not, the money gets deducted from your account but not reflected. This makes the cashless transaction very easy and simple.

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4. Used By All Banks

So, you can imagine this very safe and secure now even the reputed banks are using it. Banks such as IDBI Bank, SBI Bank, Bank of India, Union Bank of India, Bank of Baroda, RBL bank, HDFC bank, Amazon pay etc. and tie-ups with multiple banks Also the international payment terminal such as American Express, Visa and RuPay payment gateway.

5. Open, Dynamic Payment Interface and Experience

The complete application is very user-friendly. For any type of transaction, you are just one touch away. Hereunder the dynamic mode of payment you will get a new QR code for every new transaction you do.

This is one of the biggest achievements of the Government of INDIA, promoting, making, engaging, encouraging the digitization in our nation.

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