Recently Indian government has launched a new way of digital payment system which is called “Bharat QR Code.” It’s similar to Paytm QR Code. But the difference is you can use Bharat QR Code to transact money between every bank and cards. So, it has completely solved the problem of installing different QR codes to accept or send money from various banks and digital wallets also.
Below, we have described all the benefits of Bharat QR code in details. We have also included the way of creating and using it for secure digital payments.
Table of Contents
- 0.1 Bharat QR Code: Seamless Transaction Between Digital Wallets And Banks
- 0.2 You Are Free To Spend Your Money Limitlessly
- 0.3 Bharat QR Code: No Need To Invest In Swipe Machines
- 0.4 One Bharat QR Code For All Banks & Wallets
- 0.5 It Helps You To Make Your Card Details Private
- 1 How To Make Payments Using Bharat QR Code?
- 2 How To Generate Bharat QR Code For Retailers & Shopkeepers?
Bharat QR Code: Seamless Transaction Between Digital Wallets And Banks
You can send money from your Paytm wallet to shopkeepers bank account by just scanning their Bharat QR Code and as it supports all the banks. So, you don’t need to use different bank apps to send or receive money.
You Are Free To Spend Your Money Limitlessly
When you use any digital payments wallet such as Paytm, Mobikwik, Freecharge, etc. to make payment, you need to think about the maximum spending limit. After reaching to that limit, you can’t spend your money. But when using Bharat QR Code, you are completely free to spend your money without any limit.
Bharat QR Code: No Need To Invest In Swipe Machines
The other significant advantage of Bharat QR Code is for retailers and shopkeepers. Because, from now, they don’t need to spend money to buy POS (Point Of Sale) machines to accept payments from customer’s credit or debit cards.
One Bharat QR Code For All Banks & Wallets
As I told you above, you don’t need to generate or scan different QR codes for every bank and digital wallets (like Paytm, Mobikwik) to send or receive money between them. Now, a single Bharat QR code is enough for every transaction.
It Helps You To Make Your Card Details Private
You may think that nobody can steal your money using your cards details until they get the OTP from your registered mobile number. But remember, the one-time password is just for two-step verification. There is a huge chance of losing your money if anyone gets’s your Card details such as card number, expiry date, and CVV number.
And, at the time of shopping, when you use your card to swipe on POS machines, it’s not so difficult to capture your card details and pin to steal your wealth. So, a POS device is not a 100% secure way to pay the money to retailers and shopkeepers.
Here comes Bharat QR Code. Using it, you don’t need to expose your credit or debit cards in front of a crowd. Just scan retailer’s QR code using your digital payments app or bank app, and you’re done.
How To Make Payments Using Bharat QR Code?
It’s very easy. As of now, only ICICI Pockets app & HDFC PayZApp are supporting this system. But shortly, all the banks, digital wallets, and cards will be integrated with this one QR code. Then you just have to install your bank app on your phone and scan the receiver’s QR code using your bank app. Then enter amount, pin (if required) and Voila! Your money will be transferred to the receiver’s bank account instantly.
How To Generate Bharat QR Code For Retailers & Shopkeepers?
- Firstly, you need to have a bank account.
- Link your bank account with BHIM App.
- Generate your unique Bharat QR Code from BHIM App.
- Print the QR code and stick it to the wall of payment counter.
- That’s it. Customers can easily pay money by scanning your QR code.
Hope this article has fulfilled your thirst about Bharat QR Code. If you want to know any other details about this new way of digital payments in India, please leave your query in the comment box below.