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Post demonetization, the BharatQR payment mechanism has set a new benchmark being the world's first interoperable payment acceptance solution. The integrated payment mechanism leverages the Quick Response (QR) code system for accepting payments from customers directly into merchants' current accounts. It has been developed by National Payments Corporation of India (NPCI) in collaboration with Visa, Mastercard, Amex and Rupay.
According to industry estimates, non-cash spending is expected to overtake cash spending by 2020. At Pine Labs we are committed to help merchants adopt digital payment methods. To drive electronic transactions, one of the biggest needs is infrastructure. And BharatQR essentially eliminates the requirement for capital and operational expenditure.
Here's how your business can benefit from this method of payment:
Customers can carry out cashless transactions without any physical credit or debit card. Payments are made through smartphones having BharatQR-enabled banking apps. This payment system supports Visa, MasterCard, American Express, and Rupay cards, and BHIM-UPI for wide acceptance. You can link multiple cards to your BharatQR supported bank apps and select any one of them based on your need.
All that customers need is an app with the BharatQR payment feature. To make a payment, they need to click the BharatQR icon, scan the QR code at your store, enter the amount and their 4-digit passcode. Viola! The payment is done. Once the authentication is completed successfully and on settlement, the amount is transferred to your account.
Mobile wallet apps have traditionally operated in a closed loop mechanism. This means you and your customer both were required to install the same app to facilitate payment. Examples of such systems are mVisa, SBI Buddy, Paytm etc.
With the BharatQR system, specific wallet apps are no longer required. Your customer can now choose any app integrated with BHIM (Bharat Interface for Money) and linked to his/her bank account. As a merchant, you just need the BHIM-UPI app for generating a unique BharatQR code. You can print and paste the code on your payment counter. Customers just have to scan the QR code to send money directly to your account. No other manual or electronic intervention is needed.
Leading banks and service providers like HDFC Bank, State Bank of India, Amazon Pay, Paytm, PhonePe, etc. have enabled integration with BharatQR. Consequently, all customers irrespective of the bank or wallet provider in which they have kept money can now transact seamlessly.
With BharatQR there is no limit on the payment you can receive as a merchant every month. This is something which is not possible with Paytm, Mobikwik or other wallet apps. Also, post settlement, payments get credited to your account instantly with Immediate Payment Services (IMPS). Since there is no intermediary digital interface, like PayUMoney or PayBiz between your account and the customer's account, cashless payment is simple and easy.
There is no risk of customers' card details being exposed to anyone. There is no need to physically hand over a debit or credit card as it does not need to be swiped and hence this is no risk of data theft. There is no need to enter/reveal the mobile number or account details to make a payment either.
BharatQR makes transactions easier and more convenient for customers and merchants alike. For customers, BharatQR eliminates the need to use multiple QR codes from different payment networks when transacting with any merchant. Similarly, merchants only need to register with the bank for receiving payments through BharatQR and display a single QR code at the payment counter.
For more information on why merchants and customers prefer BharatQR, click here.
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