Bharat QR is a national program that enables digital transactions. It’s a unique, code-based, simple, and reliable payment system that lets you pay with your smartphone.
It allows retailers to accept payments for free from any payment app. Merchants may get started by joining up and taking payments straight into their bank account, giving them the option to earn up to 12% interest on each amount. Additionally, store owners may use the app to obtain loans when necessary. Since demonetization, BharatPe has made accepting payments a breeze by providing businesses with a unique QR code to accept any payment applications, including Google Pay, BHIM, PhonePay, Paytm, and other UPI apps.
Therefore, in this blog, we have listed everything you need to know about Bharat and BharatQR code to use in your business effectively.
About QR code
A QR code comprises black squares organized in a grid pattern on a visible, usually white backdrop. It allows the camera to read it by running the image through the camera screen. These unique QR codes carry data on the thing they are attached to.
A brief on Bharat QR
Bharat QR is a safe and dependable Person to Merchant digital payment solution in layman’s terms.
The NPCI, Visa, and Mastercard payment networks collaborated on this approach. Users can pay utility bills using BQR equipped mobile banking services without providing user credentials to the merchant after the BQR codes are implemented on merchant sites. It’s a convenient way to pay.
Why do Merchants need Bharat Pay?
In India, traders are a stressed bunch. Small-scale retailers were hurt the most by events like the Covid-19 outbreak, which resulted in diminishing margins every day.
Despite supplying loans to clients, merchants lack resources and are limited in their formal sector alternatives when investing in their firm.
Hundreds of issues are solved by little shops in India. However, the shopkeeper must borrow money from friends or loan sharks because banks will not lend him money because he lacks documentation.
With digital rebirth in 2016, financial technology businesses like PhonePe and Paytm have concentrated on transactions. Still, they have spent a lot of money on rewards like cash back rewards to get customers to register.
For retailers, this QR code has provided smooth and contactless changeover pathways. It has aided firms in transforming themselves in terms of scalability, dependability, and future possibilities. Customers have benefited from the added benefit choice, such as pay later. Merchants today rely on POS systems to accept all major payment options and improve customer experience by allowing consumers to shop now and pay later through enticing bank and brand EMI offers accessible on their POS terminals. It will enable clients to pay later at no cost, with no documentation and a broad menu of alternatives available immediately from the POS device. Customers may also take advantage of EMI features, such as purchasing a mobile phone, household appliances, or laptops on EMI, and have a better shopping experience.
How does it work?
Bharat QR is an alternative payment method requiring users to download their bank’s Bharat QR-equipped mobile banking app. The user must scan the Bharat QR code at the merchant store and pick a card to make a payment. Both the cardholder and the merchant receive notification of a successful transaction on the mobile application after the price is completed. Merchants can show Codes on their transaction terminals to make it easier for customers to pay. They may also give the same service while receiving payments through their POS equipment.
Benefits of QR code
When making a payment, QR codes eliminate the need to provide identification or even phone numbers. Scanning QR codes on products and entering the transaction amount has facilitated digital transactions. Customers no longer need to carry numerous cards to make a digital transaction because it can be done across payment gateways. Additionally, shops do not need to purchase extra hardware to make these payments. By scanning the QR code created by the merchant and inputting the authorization code, the consumer may calculate the total. All merchants on-boarded on the Bharat QR platform, including transport hubs, transport hubs, fuel outlets, supermarkets, retail shops, pharmacies, clinics, etc., can enjoy the perks.
QR code Vs. Bharat QR
Unlike other QR Codes, the Bharat QR Code contains a wealth of supplementary data, such as the seller’s name, location, and financial information. The Bharat QR code is significantly more generally accepted and secure compared to other QR codes. Users may pay with any credit or debit card, including Visa, RuPay, and MasterCard.