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BharatQR code Launched to Increase Digital Payment System in India

BharatQR code

The government of India introduced various services to increase the digital payments in the country through mobile wallets and other online payment systems. In this process, today the government has taken a step further and launched QR (quick response) code which known as BharatQR code. Through this people are allowed to pay for the items without swiping their plastic cards.

The BharatQR code is designed by the NPCI (National Payments Corporation of India) Visa and MasterCard.  Consumers are no need to scan different QR code at the merchant which provided by the various payment networks. Instead of that, they are allowed to scan the QR code through the acquiring bank mobile application.

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This payment acceptance solution works through MasterCard, Visa and RuPay accounts. The BharatQR code is formulated under the instructions of Reserve Bank of India. “There is an implied suggestion that this (payment) sector needs to free of licensing mechanism and once a set of criteria fixed, any number of entities meeting those standards should be allowed to function. We differ from this idea,” said by the RBI Deputy Governor R Gandhi.

To start the payment process through BharatQR code, first users have to link their credit/debit cards to the app and have to select the respective card during the payment. The app linked with MasterCard, Visa and RuPay platforms usually comes with inbuilt QR code reader.

Users have to link the card or bank accounts to the app as a one-time activity. While making the payment, users have to scan the BharatQR code through the mobile app. The amount you purchased will transfer from your account to merchant’s bank account. The BharatQR code is the second digital payment system successfully introduced by the government after Unified Payments Interface (UPI) based BHIM app.

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The banks which included in this process are:
  • Axis Bank
  • Bank of Baroda
  • Bank of India
  • Citi Union Bank
  • Development Credit Bank
  • Karur Vysya Bank
  • HDFC Bank
  • ICICI Bank
  • IDBI Bank
  • RBL Bank
  • State Bank of India
  • Union Bank of India
  • Vijaya Bank
  • Yes Bank

Indian Government to Link All Savings Accounts to Aadhar for making Cashless Transactions

aadhar linking for digital transactions

Central Government of India has decided to link all savings accounts with the Aadhar number to boost digital transactions and fulfill the dream of PM Narendra Modi to make India as a cashless economy. Reports said that already Modi has given a green signal to the proposal and the people those who don’t have smartphones will get benefits through this scheme.

However, in a major decision that will give a push to Cashless economy at ground level, Government has decided to link all the savings accounts to the Aadhar card numbers for promoting digital transactions, especially at marketing points. Making India as cashless economy and increasing the use of digital payments is the dream of Narendra Modi and now fulfil his wish, the Government has planned this move.

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Moreover, it will be useful for 30 crore non-smartphone users who are unable to make digital transactions and depend on liquid cash.

Government’s bold move on the demonetization of currency threw the people in deep troubles and still we are finding long queues at ATMS and Banks to get cash from their accounts. Even it has created a huge effect on small scale business persons and middle class people.

Already PM Narendra Modi has approved the plan and asked Finance Minister Arun Jaitley and Electronics and Information Technology Minister Ravi Shankar to carry out the process.

Ravi Shankar Prasad said, “With more links to Aadhar numbers, the more digital transactions we can see in future. Reviewing the latest reports, around 112 crore estimated bank accounts across the country, only around 40 crores only linked to Aadhar. This needs to be ramped up pretty fast.”

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Specifying the advantages with this move, the sources said, even the non-smartphone users will also do cashless transactions and the required thing is devices that support Aadhar and biometric at retail points. If he/she wants to make a payment without a phone, just they need to login to their account through Aadhar bio-metric link and make the transaction.

The Reserve Bank of India, RBI has in the process of setting up the Aadhar-enabled point of sale machines to the retail shops.