BharatQR code launched to promote cashless economy

In sync with the robust use of digital payments across the country, BharatQR- world’s first interoperable payment acceptance solution was recently launched.

BharatQR was developed by National Payments Corporation of India (NPCI), Mastercard, and Visa, would require merchants to only display one QR code instead of multiple ones.

This payment acceptance solution was devised on the direction set by the Reserve Bank of India (RBI) in last year.  It will make payments seamless for buyers as they just have to “scan to pay” for transactions instead of swiping their credit/debit cards, reported The Economic Times.

QR code or Quick Response code is a two-dimensional machine-readable code made up of black and white squares, used for storing URLs or other information. These can be read by the camera of a smartphone.

A number of leading banks are already operationally ready to deploy BharatQR, including SBI, Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, Development Credit Bank, Karur Vysya Bank, HDFC Bank, ICICI Bank, IDBI Bank, RBL Bank, Union Bank of India, Vijaya Bank and Yes Bank.

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