The Reserve Bank of India and the Indian Banks Association have launched Bharat QR, the world’s first interoperable QR code acceptance solution.
The solution was developed by Mastercard in collaboration with National Payments Corporation of India (NPCI) and Visa. American Express will also adopt these payment standards.
Bharat QR aims to provide both merchants and consumers with seamless and secure method for payment transactions.
For consumers, Bharat QR eliminates the need to use multiple QR codes from different payment networks when transacting with any merchant. Similarly merchants need only display one single QR code at the storefront or through their respective acquiring bank’s mobile application.
The Bharat QR solution will be rolled out across the nation in phases by banks, with the aim to foster adoption by 57 million small and micro businesses due to the purported low cost of deployment.
A number of banks in India stand ready to deploy BharatQR, including 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, State Bank of India, Union Bank of India, Vijaya Bank and Yes Bank.
Several other banks are also at various stages of implementation.
FinTech Innovation