Post demonetization, the BharatQR payment mechanism has set a new benchmark being the world’s first interoperable payment acceptance solution. The integrated payment mechanism leverages the Quick Response (QR) code system for accepting payments from customers directly into merchants’ current accounts. It has been developed by National Payments Corporation of India (NPCI) in collaboration with Visa, Mastercard, Amex and Rupay.
According to industry estimates, non-cash spending is expected to overtake cash spending by 2020. At Pine Labs we are committed to help merchants adopt digital payment methods. To drive electronic transactions, one of the biggest needs is infrastructure. And BharatQR essentially eliminates the requirement for capital and operational expenditure.
Here’s how your business can benefit from this method of payment:
Enable cashless transactions for customers without cards
Customers can carry out cashless transactions without any physical credit or debit card. Payments are made through smartphones having BharatQR-enabled banking apps. This payment system supports Visa, MasterCard, American Express, and Rupay cards, and BHIM-UPI for wide acceptance. You can link multiple cards to your BharatQR supported bank apps and select any one of them based on your need.
All that customers need is an app with the BharatQR payment feature. To make a payment, they need to click the BharatQR icon, scan the QR code at your store, enter the amount and their 4-digit passcode. Viola! The payment is done. Once the authentication is completed successfully and on settlement, the amount is transferred to your account.