Bharat QR Code
Bharat QR Code: How To Make & Accept Payments
Hello Guyz, We are Now Informing you about Bharat QR code. In this Merchants can accept Payments directly in Bank accounts. Use Don’t need any E-wallets or any other stuffs to Collect Money Like Paytm, Freecharge, Mobikwik etc. Now Merchants can accept payments directly into Bank account. So, We are informing you How To Generate & Acccept Payments using Bahart QR code. Refer to the Steps Given Below.
What is Bharat QR Code & What are Its Benefit:
Bharat QR Code is a common QR code built for ease of payments. It is a standard that will support Visa, MasterCard and Rupay cards for wider acceptance. Currently, if you want to make a cashless payment at most stores, you need a credit and debit card to swipe and enter the PIN code for authentication
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However, Bharat QR code will enable the merchants to accept digital payments without the Point of Sale (PoS) swiping machine. It will allow customers of any bank to use their smartphone app to make payment using their debit card. In terms of benefits, merchants will no longer need to invest in buying the PoS machine. With no PoS machine, merchants will also be able to do away with the transaction fees charged by the banks for using the PoS terminal.
Note: Currently ICICI Bank’s, Pockets App, HDFC Bank’s & PayZapp app added this feature
Steps To Use Bharat QR Code:
- First of Install, Download/Update Payzapp or Pockets app
- Install & Login/Signup to your account
- After That Set 4 Digits PIN code
- Now Link Your CC/DC/Bank Account
- All Done!! You are ready to make cashless payment
- Open the app & Click on Bharat QR option
- Scan the QR code at merchant store
- Once the code is scanned you need to Enter the amount
- Pay the amount via CC/DC linked to the app or VPA
How to Generate Bharat QR Code to Accept Payments:
For Merchants, now no need to invest in any hardware like POS machine to accept digital payments. Just generate the Bharat QR Code to receive the payments from the customers. So create the code on BHIM App and then take a print out of your code and stick it on the cash desk. To test this new payment system, generate a QR code for your BHIM app & then pay the amount using Pockets App by following steps mentioned above.
How will Merchants Get Benefit from Bharat QR Code:
Merchants will simply need to generate the Bharat QR Code, take a print out and stick itat their payment desk. The payment will take place via (Immediate Payment Service) IMPS and the money will be instantly creditedinto their bank account. Unlike Paytm,Freecharge and Mobikwik, merchants will no longer have limits on the amount of money that they can accept every month. Also, the hassle of transferring money from wallet to bank account will be eliminated — further making it easier accept digital money
Security benefits of Bharat QR Code
Currently, when you give your credit / debit card to swipe, there is negligible possibilities of someone capturing crucial details such as card number, expiry date and CVV. While OTP option is enabled for two-step-verification before authenticating transaction, the risk of exposing your card details still remains. In case of Bharat QR code, the transaction is completed with enhanced security, and card details remain in customer’s control, which is a big advantage.