Bankers' Club

1. Who are behind the Bharat QR code

MasterCard, American Express, National Payment Corporation of India (NPCI) and Visa have collaborated to promote acceptance of the Bharat QR payment method.

2.How to generate QR code for receiving payment

You can generate QR code for receiving payment from BHIM app. See How to make payment through Bharat QR code.

3. More secured than credit/ debit cards payments

When you make payment through credit or debit card you need to swipe the card and enter PIN code to authenticate the payment. With Bharat QR code, you can simply open open your banking app or BHIM app, scan the merchant’s QR code, enter the payable amount and enter the four digit code to authenticate the transaction. None of your information is being shared and are in your control (like the POS machine on which your card is swiped and pin is entered is in the control of merchant). The amount will be directly transferred to the merchant’s bank account.

4. Cost reduction for Merchants

Merchants need not require to buy POS machine, which will reduce cost for merchants. Merchants can simply embed the QR code at cash counter and receive payment. Big shops would have required more POS, thereby increasing cost but any number of QR codes can be embedded free of cost.

5. How it is different from QR code payment method of PayTM and other wallets

Payment wallet providers such as PayTM, Freecharge and Mobikwik also provide similar feature of receiving payment through QR code but merchants need to pay for transferring money to their bank accounts. But there is no such cost as the amount is directly transferred to bank account of merchant.

6. Banks which are part of Bharat QR platform:

State Bank of India, Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, Development Credit Bank, Karur Vysya Bank, HDFC Bank, ICICI Bank, IDBI Bank, RBL Bank, Union Bank of India, Vijaya Bank and Yes Bank. More banks are soon expected to join.