After BHIM app, the government has launched BharatQR code to boost cashless economy. With this the people of nation gets another way of payment solution and in this way we can reduce cash transaction and move to the digital way.
The new BharatQR code is the world’s first interoperable payment acceptance solution, and it is developed by the National Payments Corporation of India (NPCI) in association with MasterCard and Visa. The service will be code based payment solution, and it would allow people to pay without swiping their debit or credit cards.
With this consumer have not to scan different QR codes, merchants would display single QR code instead of multiple ones. The payment solution will work with MasterCard, RuPay Card and Visa accounts, the BharatQR has been set up under the instructions of The Reserve Bank of India (RBI).
A number of leading of banks are already working to deploy the service including SBI Bank, Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, ICICI Bank, HDFC Bank, Development Credit Bank, Karur Vysya Bank, IDBI Bank, RBL Bank, Union Bank of India, YES Bank and Vijaya Bank.
Also check out our article on Airtel launches India’s First Payments Bank. And many other interesting news and tips & tricks on our website.
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