BHARAT QR CODE - A Digital Payment Initiative
Effective for all Upcoming Competitive Exams
The Union Government has introduced Bharat QR code, a Quick Response (QR) code to enable digital payments without card swiping machines. It is world’s first inter-operable payment acceptance solution launched by Indian Government to move towards less-cash economy.
What is QR Code?
QR code (Quick Response code) is a two-dimensional (matrix) machine-readable bar code made up of black and white square. This code can be read by the camera of a smart phone. It is used for stocking URLs or other information that emails websites phone numbers, link directly to text. It is capable of 360 degrees (Omni-directional), high speed reading. QR Code can store up to 7089 digits as compared to conventional bar codes which can store max 20 digits. It encodes same amount of data in one-tenth the space of a traditional bar code. It carries information both horizontally and vertically. It has error correction ability and data stored in it can be restored even if it is partially harmed or dirty.
Why Bharat QR code?
There is no denying that post demonetization, digital transaction increased by leaps and bounds. The usage of Credit Cards and Debit Cards also increased significantly. However, using plastic money came with several problems. The Bharat QR code is a result to the initiatives government wanted to overcome the problem faced in case of plastic money. It is so simple system of digital transactions.
Quick Features -
- Under instructions from Reserve Bank of India (RBI) Bharat QR code has been developed by MasterCard, Visa, National Payments Corporation of India (NPCI) and American Express.
- It works as general interface for the RuPay/MasterCard/ Visa platforms and also simplify acceptance of Aadhaar-enabled Payments and Unified Payments Interface (UPI).
- Bharat QR code is of two types static and dynamic.
- Using, Bharat QR code merchants will be required to only display one QR code instead of multiple ones. Users can make payment by scanning the code.
- In this case there is no need to enter the amount. The payment is just made by scanning and entering the PIN.
- For static QR code, first code need to be scanned and then amount is entered to make payment.
- It eliminated the need of using card swiping machines making digital payments.
- For dynamic QR code, new QR code will be produce in real time for every transaction.
How You Can Use Bharat QR Code?
- At First, make sure that you have a bank account.
- Fire up your BHIM App;
- Generate your unique Bharat QR Code from BHIM App.
- Note down the QR code and stick it to the wall of payment counter.
- That’s it. Customers can easily pay money by scanning the QR code.
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