Bandhan Bank Launches Payment Solution Through Bharat QR Code | Personal Finance News

“This will simplify the way these self-employed segment customers make payments at any merchant outlet. An instant notification will also be received on every payment through a small speaker,” the bank said in a statement.

Customers can make payments through any of the banking apps or UPI apps, without carrying or swiping their debit or credit cards. Bharat QR is a highly secure and faster way of making payments. Any merchant, ranging from small vendors to big format retailers will be benefitted from this solution, it added.

“With the launch of BQR, we aim to provide a robust payment solution that empowers merchants to offer easy mode of payment to their customers. By continuously investing in advanced technologies and user-centric solutions, we are ensuring our customers enjoy a seamless, intuitive, and accessible banking experience anytime, anywhere,” Rajinder Babbar, ED & Chief Business Officer, Bandhan Bank said.

What Is BHARAT QR?

BHARAT QR enables seamless transactions across banks for all cardholders and UPI users.  In an attempt to encourage more and more people to use less cash and make digital payments instead, the RBI authorized a few card payment networks to implement an interoperable solution for such QR Code operated mechanisms. A common interoperable QR based payment solution represents a channel of initiating and accepting payments between buyers and sellers (or consumers and merchants) using the mobile phone. 

NPCI jointly worked with the ICS (International Card Schemes) to develop a common standard for QR code and partnered to launch Bharat QR – a QR Code-based digital payment mechanism.