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Imagine being able to instantly make payments using just the camera of your mobile phone. No need to carry cash, cards, or even a payment wallet. This is exactly what Bharat QR offers. The introduction of Bharat QR in 2016 has transformed how Indians make payments. Whether you are paying for groceries at your local vegetable cart or grabbing tea at a roadside tea stall, Bharat QR has made digital payments easier than ever.
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So, what is Bharat QR code? It is a type of Quick Response (QR) code developed under the Digital India Initiative. This QR-based payment solution can be used to make P2M (Person to Merchant) digital payments.
You can easily scan the Bharat QR code at the merchant's or seller's location using any Bharat QR-enabled mobile app.
How to get Bharat QR code?
To obtain a Bharat QR code instantly, follow these simple steps:
- Ensure you have an active bank account.
- Then, link this account to the BHIM App, available on any app store.
- Look for an option that lets you create a unique Bharat QR code.
- Print it out and display it prominently, such as on a wall near your payment counter. You can also use a Bharat Pe QR sticker or printouts of other payment apps for this purpose.
- And that's it. Now anyone can pay you by scanning the code instantly.
How to use Bharat QR?
You only need a smartphone with a data connection and IDFC FIRST Bank Mobile Banking app to get hassle-free on-the-spot payment. Here are the steps needed.
- Open the IDFC FIRST Bank Mobile Banking App.
- Locate the 'Scan and Pay' option and tap it to activate your phone's camera.
- Hold your phone's camera in front of the Bharat QR code and allow it to scan.
- Now, the merchant's details will auto-fill. Simply input the amount.
- Proceed with the payment. Choose the desired card/account and authorise the transaction with OTP.
- Both you and the merchant will get a confirmation SMS once the transaction is complete.
Benefits of Bharat QR – A game changer in digital payments
For merchants
- No need for POS machines: Merchants can receive money directly without having to invest in expensive POS swipe machines. This particularly benefits small business owners who want to accept digital payments but avoid high costs.
- Reduced fees: When you skip using a bank's POS machine, you dodge those associated transaction fees. Over time, these savings add up.
- Instant credit: Once a customer makes a payment, that money goes straight into your account. No more waiting for days to see the payment reflect in yourbank account .
- Convenience in reconciliation: Having all transactions funnelled through a single platform simplifies your bookkeeping. You get an SMS after each transaction, aiding in effortless record-keeping.
- Wider acceptance: Once you complete the Bharat QR merchant registration, online transactions can be accepted easily. This can help you attract a wider customer base, leading to increased sales, profitability, and customer satisfaction.
For customers
- No card, no problem: You don't need to carry around your debit or credit card. Instead, your smartphone becomes your wallet. Just carry your phone and pay for shopping, dining, or whatever comes your way through Bharat QR.
- Security: Since you are not swiping a card at a machine, you don't expose sensitive details like your card number, CVV, or expiry date. This reduces the risk of fraud.
- Speed: Scanning a QR code takes only seconds. Faster payments mean shorter queues and no time wastage. That gives you extra time for other activities in your day.
- Multi-source payment: You are not tied to one payment method. The QR code accepts mobile wallets, debit cards, and credit cards alike. So, you can choose the method that suits you best at that moment.
- Green footprint: Since transactions don't require paper receipts, you contribute to saving trees. It's a small yet valuable step toward a more sustainable lifestyle.
Bharat QR is a game-changer for payments and transactions in India. With its unique features and benefits for both merchants and consumers, it is no wonder that it is widely used across the country. The best part? With the IDFC FIRST Bank Mobile Banking App, you can swiftly adopt this payment method. Quickly scan a QR code, authenticate, and complete your payment in a secure way.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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