BharatQR code launched to push less-cash economy

Tribune News Service

New Delhi, February 20

RBI Deputy Governor R Gandhi today launched BharatQR, the world’s first interoperable and low-cost acceptance solution, developed by Mastercard, National Payments Corporation of India (NPCI) and Visa.

BharatQR is the world’s first interoperable Quick Response (QR) code acceptance solution developed by the payments industry to expedite India’s transition to a less-cash society.

Speaking at the event in Mumbai, Gandhi said since cards began to be used in the country in early 1980s, the payments industry has set up about 1.5 million Point Of Sale (POS) terminals. However, in comparison to the 800 million cards that have been issued as of now, the number of POS terminals in the country has not been really adequate. Among other factors, the high capex and opex associated with traditional POS terminals have been the major deterrents to the expansion of POS infrastructure.

Rajeev Rishi, Chairman, IBA and CMD, Central Bank of India, said, “Using smartphones, Bharat QR makes payments simple and easy for customers and the merchants across the country, from their debit, credit, and pre-paid cards using a QR code common across all banks and card networks. It does not require a POS machine. It is another step towards digitalisation of banking transactions.”

BharatQR has three key benefits. First, consumers will not need to scan different QR codes at the same merchant provided by the different payment networks.

Second, merchants will only need to display one QR code at the storefront or through acquiring bank’s mobile application. Third, the underlying specification for BharatQR can be implemented in other countries to deliver a globally interoperable solution.