Page 38 - Banking Finance July 2017

ARTICLE

BHARAT QR-

QUICK RESPONSE

TO THE NEEDS OF

DIGITAL PAYMENT

A lthough the banks were already on their way to introduction by the Government is the AadhaarPay that

devise and promote digital payment with the pri-
enables the people to make cashless money transactions
mary objective to reduce the cost of transactions,
using Aadhaar Card and their fingerprint for biometric au-
to tap the next gen customers and for financial
inclusion however it was Demonetization of old currency thentication. To make the payment process easier and
hasslefree, the National Payment Corporation of India (NPCI)
notes which is making the big push to digital payments. The a GoI organisation which has developed IMPS, UPI and BHIM
government wants to achieve a less cash society and it is has now rolled out yet another product called Bharat QR
doing everything in its ambit to do so. code payment transfer mechanism for cashless electronic
payments.
The government of India has already launched Unified Pay-
ment Interface (UPI) for smartphones and Unstructured Over the last few years, a lot of people have moved on to
Supplementary Service Data (USSD) for basic feature the cashless payment methods using debit and credit cards,
phones. The overnment has also introduced BHIM (Bharat however, this method of cashless electronic payment trans-
Interface for Money) app which is a unified UPI app. Another action has strings attached in terms of cost of owning and
running the card swipe machines and transaction fees. The
About the author GoI has now taken another step to encourage digital pay-
ments and has simplified things for merchants and for the
Rakesh Bhootda customers by launching the Bharat QR Code.
B.Sc, CAIIB, MBA (Banking & Finance),
Certification on SME by IIBF
Chief Manager, Central Bank of India What is QR Codes and How it Works?
Faculty at Sir Sorabji Pochkhanawala Bankers Training QR code or Quick Response code is a two dimensional ma-
College, Vile Parle- West, Mumbai
chine readable code that is made up of black and white

38 | 2017 | JULY | BANKING FINANCE

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