BharatQR code to be unveiled today: An explainer
IndiaQR to debut on Feb 20 - Times of India
IndiaQR to debut on Feb 20 - Times of India
BharatQR is a common QR code jointly developed by all the four major card payment companies—National Payments Corp. of India that runs RuPay cards, MasterCard, Visa and American Express—under instructions from the Reserve Bank of India (RBI).
“It is a major revolutionary step because of interoperability. The merchants will be identified by one QR code whether the payment is through MasterCard, Visa or RuPay and this will result in deepening of acceptance infrastructure,” said Dewang Neralla, chief executive officer, Atom Technologies Ltd, a payment service provider.
Besides working as a common interface for the Visa/MasterCard/RuPay platform, BharatQR will also facilitate acceptance using Aadhaar-enabled payments and Unified Payments Interface (UPI).
“Anyone who has a QR scanning/reading app, whether it’s a UPI-based or Aadhaar-based app, the payment can be done. It is a better alternative to physical point-of-sale (PoS) infrastructure which involves capital costs,” added Neralla.