Many of you would have already heard about the next digital payment initiative by Indian Government called BharatQR codes. BharatQR code is an QR scheme similar to PayTM QR codes which a merchant can print and put it on his/her shop and customers can pay by scanning the QR code using his/her mobile easily.
In India, QR code based payments have already proved successful due to excessive marketing of PayTM. BharatQR codes seems to be building on top of that and has a good chance for taking over the pole position from PayTM.
BharatQR supports quick and easy digital payment using Visa, Mastercard, Rupay Card and American Express. That basically includes every debit and credit card in India and hence is not tied to a specific bank or organization. Moreover due to government push, every bank mobile app will soon have an option to pay using BharatQR.
But as everybody knows, India is a price sensitive country and real success of BharatQR will depend not just on technology or its reach, but also on the charges and fee charged for BharatQR code based payments. And will they be competitive of Paytm or not?
BharatQR is the new QR code based payment method launched by Indian Government in collaboration with Visa and MasterCard. Using BharatQR code based payments, the merchants don't need to install a costly POS(Point of sale) machine in their shop. They need to just display BharatQR code (they can take the printout in Rs 2 at any printer or xerox shop).
HDFC Bank is India's largest private bank with a huge network of branches all across India. HDFC is a strong partner in Indian govt scheme to support simpler and efficient digital payment. Along with ICICI bank BharatQR app, HDFC Bank is one of the first 2 banks ready with support for BharatQR code based payments from day one of launch.
Indian Govt has launched BharatQR code based payment solution for merchant/retail outlets on Feb 20, 2017. This scheme has been launched by NPCI in collaboration with Visa, MasterCard, RupayCard and American express to allow customers to pay easily through their debit/credit card without the need of any POS (point of sale) machine.
ICICI bank is one of main supporters of BharatQR code scheme and has already started supporting BharatQR in its mobile apps.
On Feb 20, 2017, Indian Govt has launched BharatQR Code to simplify the process of digital payment at merchant / retail shops. BharatQR allows merchant and retailers to get a QR code from their bank and once done, they can easily take payments from customers.
Majority of Banks have already started supporting Bharat QR code based payments in their mobile apps. SBI (State Bank of India) is Indis's biggest bank due to huge network across length and breadth of India. Given that, the support of BharatQR payments through SBI issued debit and credit cards is absolutely essential for BharatQR success.
BharatQR code (or Bharat QR code) is the new scheme launched by Indian Government to simplify the process of digital payment at merchant and retail outlets.
Earlier QR code has been successfully used by PayTM to enable payments at retails or merchants. But currently Paytm does not support deducting or depositing money directly to your bank account and hence one need to operate an additional wallet account (with its associated fees for withdrawing money).
BharatQR code fixes this problem and democratizes the QR code for indian masses.
In December 2016, Prime minister Narendra Modi has launched a new mobile app called BHIM to simplify digital payment in India. Such a mobile app was badly needed as the country is still facing significant cash crunch after demonetisation. But the adoption of BHIM has been less than desired. To fix this, government has declared a new BHIM referral scheme yojana to promote use of BHIM Mobile app.
Along with referral Bonus scheme, india govt has launched a BHIM Cashback Scheme]
BHIM is the premier mobile digital payment platform promoted by govt of India. It was launched by Prime minister Narendra Modi in December 2016. Core part of BHIM involves a mobile app and allows users to do bank account to bank account transfer in a simple and seamless manner.
Now to promote wide adoption of BHIM, india government has launched a cashback scheme along with BHIM Referral Bonus Scheme.
Narendera Modi has launched BHIM App on Dec 30, 2016 as an initiative to provide fast, and reliable cashless payment through mobiles. BHIM app name is based Dr. Bhimrao Ambedkar and it the acronym stands for Bharat Interface for Money (BHIM).
Prime minister Narendra Modi launched a new mobile app to simplify digital payment in India. This new mobile app is called BHIM and its full form is Bharat Interface for Money. It is named after Dr. Bhimrao Ambedkar.
BHIM mobile app is developed by the National Payment Corporation of India (NPCI). Click here to know about What is bhim app
Due to demonitisation and resulting cash crunch, there is a very big demand of digital money transfer. But most of the digital money transfer systems require access to smartphones and internet, which is not always available. Especially, the poor people can't afford the smartphone or Internet.
USSD based payments provide a solution and allow people having feature phones to do digital money ...