Bharat QR code the world’s first inter-operable payment acceptance solution, was launched as part of efforts to move towards less-cash economy at an insignificant cost, according to RBI.
Payment networks such as MasterCard and Visa have joined hands with National Payment Corporation of India (NPCI) to launch Bharat QR, a common Quick Response(QR) code that would enable seamless digital payments without card swiping machines.
This is billed as the next big digital payment solution after the recent initial success of Bharat Interface for Money (BHIM), a mobile-based App launched in end December 2016 to promote digital payments. Built under the direction of the Reserve Bank of India in September 2016, Bharat QR is a revolutionary step as it provides an inter-operable solution.
This Bharat QR code is expected to be convenient for those who are into mobile banking and do not want to use debit or credit cards for small ticket payments. Bharat QR code is seen as a better alternative to physical Point-of-Sale (PoS) machines which involves capital costs.
Source- The Economic Times