Post demonetization, India has been undergoing through some various procedures that help in pushing the country towards digitalization. Recently, the government has introduced a mobile app ‘BHIM‘ in order to encourage people in paying digitally.

A tremendous growth in Paytm was observed soon after demonetization. Meanwhile, PMO Modi launched the BHIM app that was proved to be one of the major steps taken by the Government in the digital payment direction. Today, RBI’s Deputy Governor R Gandhi launched Bharat QR code in Mumbai which is believed to be another big step in that direction.

Right after BHIM, GOI now came up with another major application named Bharat QR code. Coming to the details, BharatQR Code is a common code for MasterCard, RuPay and Visa account to ease out the whole payment process even further. As of now, to pay directly through your bank account you either swipe your debit or credit card with the merchant and enter your PIN or you could Paytm or send the money through recently launched BHIM service.

But, with Bharat QR code, one can now make the payment to merchant’s bank account just by scanning the QR code just like the way one can do through Paytm. However, you need to have either BHIM or your bank account’s native app installed on your device. In other words, Bharat QR code will save up the time consumed with card wipe (PoS) Point of Sale machines. Now BHIM is already a well though payment method, but for that, the merchant also needs to have the app installed on their devices.

Significance Of Bharat QR Code For Both Customers And Merchants:

One can believe Bharat QR code as more of an extension to UPI based payment methods. Instead of having to scan different QR codes for services like Paytm, Freecharge, Mobikwik, customers now need to worry only about a merchant’s Bharat QR code. Scanning the Bharat QR Code, entering the amount thereafter and hitting that Send button will directly transfer the money from your bank account to merchant’s account which is undoubtedly the most simplified way of transaction.

On the other hand, Merchant will have to worry less about all the complexities and limitations which e-wallets like Paytm have been imposing up till now. Further, Bharat QR code also makes the BHIM app non-mandatory for the merchants. The merchant just has to take a printout of his QR code and stick it to the wall.

As of now, Bharat QR code is integrated only in ICICI Bank’s Pockets app and HDFC Bank’s PayZapp. The popular banks like Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, DCB Bank Ltd, Karur Vysya Bank, HDFC Bank Ltd, ICICI Bank Ltd, IDBI Bank Ltd, Punjab National Bank, RBL Bank Ltd, State Bank of India, Union Bank of India, Vijaya Bank and Yes Bank Ltd. are on board for this new service.

In addition to this, Visa, MasterCard and RuPay are already on board, American Epxress is in final stages to have this service integrated as well.

Despite all the extraordinary features, the app is now available only for Android and iOS users, except for Windows, which will be available very soon according to the sources.