BharatQR digital payment solution launched
Further pushing digital payment initiatives, the government has now launched the BharatQR payment solutions.
The National Payments Corporation of India (NPCI) in association with MasterCard and Visa has announced the launch of the BharatQR service. The service, which is a QR (quick response) code-based payment solution, boasts of being an interoperable and low cost payment acceptance solution which would allow people to pay without swiping their cards.
Interestingly, with the BharatQR service, consumers will not need to scan different QR codes at the merchant provided by the different payment networks but instead can use a single QR code offered by this service. The interoperable payment acceptance solution works with MasterCard, RuPay, and Visa accounts. The Bharat QR has been formulated under the instructions of the Reserve Bank of India (RBI).
While RBL Bank had taken the lead, leading banks including Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, Development Credit Bank, Karur Vysya Bank, HDFC Bank, ICICI Bank, IDBI Bank, State Bank of India, Union Bank of India, Vijaya Bank and Yes Bank are already operationally ready to deploy BharatQR.