Explain Bharat Qr Code and How Its Benefits for Go Cashless
The Government of India has been pushing strongly for a digital economy to replace the current dependence on cash for everyday transactions. To give this initiative a push, the government introduced UPI also known as the Unified Payment Interface for individuals as well as merchants. The UPI is designed to enable consumers to pay for goods and services using their smartphones. It also enables better management for merchants as the payments are linked directly to their bank accounts.
Moreover, to further give impetus to the cause of a cashless economy, the government also introduced BHIM (Bharat Interface for Money) app which is a unified UPI app. Recently, the GOI also introduced Bharat QR code payments mechanism to help aid cashless electronics payments.
A higher number of the population has been switching to contactless modes of payments in a post-covid world. It should come as no surprise that people have become increasingly averse to cash due to the risk of infection. Bharat QR has helped many small business owners to switch to online payments since:
- it doesn’t require swiping machines and
- there are no transaction fees
All-in-all, these two positives make Bharat QR an increasingly cost-effective solution.
Bharat QR uses a two-dimensional machine-readable black and white code which merchants can print using a standard printer. Customers can pay with QR code using the rear camera of their smartphones to scan the code. The code can store both URLs and payment-related information and is readable by any smartphone. It has simplified the entire process of accepting online payments.
Bharat QR code is the world’s first inter-operable payment acceptance solution and is designed to standardize QR code payments throughout the country and is useable across every card network.
How to Generate a Bharat QR Code
It’s incredibly simple for merchants to generate a Bharat QR code. Here’s how you can generate one!
- You need to have a bank account
- Link your bank account with BHIM App
- Generate your unique Bharat QR code using the BHIM App
- Get a printout of the QR code and place it where customers can easily scan it
- You are up and ready to accept online payments from customers
Benefits of Bharat QR Code
No Need for a POS Machine
Bharat QR comes with no overhead costs since there is no need to invest in a POS machine to start accepting online payments. Customers across banks can use the generated code to make payments for goods and services as a single QR code works across all card networks, digital wallets, and banks across India. Moreover, since no POS machine is involved, there is no need to pay any transaction fees as well, making it a highly cost-effective solution for business owners.
Ease of Access
Unlike a POS machine, where a merchant needs to go through a lengthy process; Bharat QR codes can be easily printed off a standard printer. All payments take place using IMPS (Immediate Payment Services) making it one of the fastest ways of accepting and making payments.
No Caps on Limit
Bharat QR comes with no caps on the amount of money that can be transferred in a month, unlike some digital wallets that put a cap on the amount. Therefore, merchants don’t need to worry about hitting a cap that can put them in a fix and hamper business.
Secure Transactions
Bharat QR code is incredibly safe to use and is loaded with security features. Whereas debit and credit cards come with the inherent risk of being stolen or information leaks; Bharat QR codes are safe to use since there is no need to use a physical card or share card-related information. This offers customers increased confidence whenever they make any transactions for the goods and services they buy.
Bharat QR codes have completely revolutionized the way we do everyday transactions. The ease of access, cost-effectiveness, and security makes it one of the best payment methods of this generation.
So, if you are a merchant looking for a cost-effective solution to conduct daily business and want to accept online payments from customers across virtually any card network or bank, then a Bharat QR code on your store’s wall is the way to go!
