Page 39 - Banking Finance July 2017

ARTICLE

squares. It is used to store URLs and other information which According to RBI, the Bharat QR Code is the world's first
can be read by the camera of a smartphone. Bharat QR inter-operable payment acceptance solution and that is the
code will make use of QR code system for payments across beauty of Bharat QR code. For instance, if you were a visa
merchant outlets. customer and were using a bank app like Pockets or PayZapp,
you could only scan mVisa code and make payment and
QR code has been one of the fastest growing segment of could not process them for a merchant who has Mastercard,
online payments in the country. While one can see these RuPay or American Express, but with Bharat QR all that
boxes around most shops, the process does not require the would be possible.
seller to be online as all it needs to put a printout of QR
code. Anybody with a smartphone can generate a QR code So if a merchant has a Bharat QR code you will be able to
and by scanning QR code through mobile phones, money make payment using your Pocket or PayZapp or any other
can be transferred from one source to another. app irrespective of the fact that it has tied up with any of
the these services. In other words, e wallets like Paytm al-
Payment made through QR code will help transferring the low QR code based payment only if both the parties to the
money directly from one bank to another bank account. transaction need to have installed the Paytm app while such
More important, it also saves the hassle of revealing mo- is not the condition with Bharat QR code.
bile number or virtual addresses. Paytm and Visa first started
this service two years ago, where each of the service gen- How to Generate Bharat QR Code
erated their specific QRs for offline transactions. Bharat QR
A retailer, shopkeeper or anyone who needs to accept pay-
takes this a bit further by standardizing the QR code pay-
ment can easily generate the Bharat QR code and start
ment method throughout the country.
accepting payment using following methods-
1. First you must have a bank account
What is Bharat QR Code? How it differ-
2. Link your account with BHIM app.
ent from QR Code system of Paytm,
3. Generate your unique Bharat QR code from BHIM app.
mVISA etc? 4. Print the QR code and stick or put it near the payment
Bharat QR Code is a common QR code built for ease of pay- counter.
ments. It is a standard that will support Visa, MasterCard 5. That's all. Customer will scan your QR code and make
and Rupay cards for wider acceptance. Bharat QR code will
payment.
enable the merchants to accept digital payments without
the Point of Sale (PoS) swiping machine at the same time it
will allow customers of any bank to use their smartphone How to Make Payment using Bharat QR
app to make payment using their debit/credit card. code

For making payment, you will need your bank app or BHIM
app installed in your phone. At the store of the merchant,
you have to open the app and tap on scan QR code and scan
the Bharat QR code. Once the code is scanned, the amount
that has to be paid need to be entered along with a remark
and a four digit passcode. As soon as the authentication is
completed, the money will be transferred to the merchant's
bank account.

The Advantage Points of Bharat QR
Code

In terms of benefits, merchants will no longer need to in-

BANKING FINANCE | JULY | 2017 | 39

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010