Another step towards digitalization initiated by Govt. of India to increase cashless transactions. Govt. of India launched it’s very own QR code platform known as BharatQR to maximize the benefits of demonitization.
Bharat QR platform launched
BharatQR is a step to digitalize Indian economy. Bharat QR platform is the first platform that will allow payments from various cards be it either Visa or Mastercard. QR or Quick Response Code is a two-dimensional machine-readable code made up of an array of black and white squares, used for storing URLs or other information for reading by the camera on a smartphone.
BharatQR is a step forward to increase people to opt for cashless payments. It will available at offline retail outlets. You can pay without swiping your debit/credit cards on the swiping machine. Just scan the QR code using your smartphones and pay the amount in a ziffy.
BharatQR is made under the regulations of Reserve Bank of India by the National Payment Corporation of India (NPCI) – an organization known for creating and issuing Rupay cards, Visa cards, American Express Cards, Mastercards.
Mastercard welcomed Bharat QR by a tweet :
#Mastercard welcomes #BharatQR – India’s first #interoperable low cost #acceptance solution #digitalpayments @FinMinIndia @RBI @amitabhk87
BharatQR also welcomed by Manoj Adlakha, CEO American Express Banking Corporation. He said, “BharatQR is a path breaking initiative to bring quick, easy and affordable payments to both merchants and consumers. American Express is proud to be a part of this ‘global first capability’, which will significantly contribute towards growth of Digital India.”
According to latest reports, Bharat QR will allow aadhar-based payments and UPI Payments as well. BharatQR will prove to be a major step when govt. is pushing towards cashless economy and it will help to bring all transaction on the record and will ultimately boost the tax payments. Share your views about BharatQR platform and don’t forget to subscribe to get more news like this.