Tuesday, February 21, 2017

Bharat QR code. Single QR code for all Wallet.

Bharat QR Code is a common QR code made ease of payments across different wallet service. This is a standard which will support Visa, MasterCard and Rupay cards for wider acceptance. Currently, if you want to make a cashless payment at most stores, you need a credit and debit card to swipe and enter the PIN code for authentication but Bharat QR code will enable the merchants to accept digital payments without the Point of Sale (PoS) swiping machine. It will allow customers of any bank to use their smartphone app to make payment using their debit card. This will help merchants need to invest in buying the PoS machine.

As of now Bharat QR is integrated into ICICI Bank’s Pockets app and HDFC Bank’s PayZApp, with more banks expected to update their apps with support for the same. In order to test this feature I tried making payment using ICICI Bank’s Pocket app. To test the feature, I have generated a QR code using BHIM app. Next, I used Pocket’s app to scan the QR code and the payment successfully went through via UPI

In short, you will need your bank app or BHIM app installed in your phone. At the merchant’s store, open the app, tap on Scan QR Code or Scan & Pay (option will differ from one bank to the other) and scan the Bharat QR Code. Once the code is scanned, you will have to enter the amount that you want to pay, add a remark and enter your four-digit passcode. Once authentication is complete, the money will be transferred to the merchant’s bank account.

From Merchants side he  will simply need to generate the Bharat QR Code, Take a print out and stick on their payment desk. The payment done by customer using this menthod will be  instantly credited into merchant bank account. Currently  Paytm,Freecharge and Mobikwik, merchants have limits on the amount of money that they can accept every month.  so this will not happen in BHARAT QR method.

With the help of  Bharat QR code, the transaction is completely secure, and card details remain in customer’s control, which is a big advantage.
Currently, when you give your credit / debit card to swipe, there is negligible possibilities of someone capturing crucial details such as card number, expiry date and CVV. While OTP option is enabled for two-step-verification before authenticating transaction, the risk of exposing your card details still remains.