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In a bid to push cashless economy, the Union government recently launched the Bharat QR code.
Bharat QR code will use QR codes system for payments across all merchant outlets. It is the world's first interoperable payment system.
Important facts

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

It will ensure that people do not suffer from card loss or card expiry problem
It was devised after the Reserve Bank of India's (RBI) direction in September last year, in order to make payments seamless for buyers as they just have to "scan to pay" for transactions instead of swiping their credit/debit cards

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

How to use the Bharat QR code:
A consumer will simply have to open his/her banking app or BHIM app in their phones.

Then, they need to scan the merchant's QR code and enter the amount that they have to pay the vendor.

Lastly, they will have to enter the four-digit code to authenticate the transaction.

Once the transaction is complete the said amount will directly be credited into  the merchant's account.
Both the merchant as well as the customers will receive instant notification regarding the same.
This method would eliminate the need of PoS machines on a merchant outlet.


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