SBI Bharat QR Code Generate and Download
The BharatQR code was recently introduced by the Indian government as a solution for handling payments. This is the first interoperable payment acceptance program that was launch in February 2017. This works to allow people to scan a QR code to make payments on all sorts of items at retail outlets.
The goal of this is to encourage the general cashless system of handling transactions within the country. This can work instead of debit or credit cards and will make it easier for money to be sent out in a secure manner. This is a popular solution that is expected to be rather appealing and ideal for use.
In addition, this is to the benefit of merchants. There is no need to work with any new terminal hardware. A merchant only needs to get a smartphone and QR code sticker ready to make it easier for digital payments to be handled right. As a result, merchants can get this working for their payment acceptance needs without having to spend far too much money in the process.
This especially comes as there are concerns over how debit and credit cards are accepted. There are around 24.5 million credit cards and nearly 660 million debit cards in India but only about 700,000 merchants that can take in payments from those cards. Also, there are about 1.4 million cashier machines that accept cards. The BharatQR system will make it easier for transactions to work.
What This Works With
BharatQR works with a series of critical technical standards for making it functional and easy to handle:
- The QR code system is a key part of making it work. The squares used on the code will store information that can be read on a smartphone camera. This is designed in a barcode-like setup.
- The BharatQR system will entail payments that are linked up to an appropriate payment method. It can work with one of many cards operated by high-profile credit card companies like Visa and American Express among others.
- All codes for the BharatQR system will be posted on a placard at a payment outlet. This is similar to what is used for PayTM cards at similar outlets.
How To Use It (Generate and Download)
The process for using BharatQR entails the following steps:
- The user must log onto one’s bank app on a phone. The BharatQR option must be selected at this point. This should work on most applications.
- The camera on the phone will then be enabled. This allows the user to scan the BharatQR code that is listed at the point of sale.
- After scanning the code, the amount to pay and the card that the payment will be for must be listed. A four-digit code must also be entered to authenticate the transaction. This code can be set up by the user as needed.
- The total will be transferred to the bank account run by the merchant. Proper notification will be sent to the merchant and buyer when the transaction has been fully confirmed.
This is clearly an improvement over how many different mobile wallets work. Normally, such wallets require a user to deposit money into an account before it can be used. By working with the BharatQR code, the process of taking care of payments will be very easy to work with. It is an appealing point that is very intriguing for use.
In addition, the risk of transaction fees will be reduced thanks to this process. This comes from how transactions are being handled directly through a bank and without having to bear with any outside sources. This is an especially helpful process for use in a variety of needs.
Who Uses the System So Far?
The BharatQR system works at the moment in a variety of places. It works with fourteen banks around India as of20 February 2017. Additional banks are expected to be included in the future but most major banks at the moment offer this support. These include SBI, Axis Bank and HDFC Bank among many other options with more coming in the future.
What About Lost Phones?
If a person loses one’s phone, that person’s bank may be contacted. This can be utilized to freeze any BharatQR transactions that might take place with the phone. This is to see that the payment process is kept under control without anything being lost at some point over time.
The BharatQR transaction process will work well for a variety of needs that people have for payments. This will help people with getting money taken care of without having to worry about an overly complicated process. The number of banks and businesses that will participate in this is expected to increase over time as more people start to notice the extensive benefits of this system.