India’s economy is growing very fast. Therefore, businesses must adopt quick, digital payment methods. The Bharat QR Code is a major step in this direction. It is not just another payment option. Instead, it is a single, unified QR code system. The National Payments Corporation of India (NPCI) launched it. It was made with big card networks like Visa, Mastercard, and RuPay. This system helps Indian businesses accept payments easily. Furthermore, it helps businesses grow by lowering costs and speeding up transactions. This digital solution is critical for small and large businesses alike.

Bharat QR: Get Started for Business Growth

What Makes Bharat QR Different? (Bharat QR)

The core idea behind Bharat QR is universal compatibility. Before this, merchants needed different QR codes. They needed a different code for each mobile wallet or app. This was confusing for both the merchant and the customer. However, the Bharat QR code is an interoperable payment solution. This means one single code can accept payments from many sources.

For example, a customer can use any bank’s mobile app. They can use their linked debit card, credit card, or UPI account to pay. They simply scan the single Bharat QR code. This flexibility is a huge benefit. Consequently, merchants do not miss a sale because they do not support a customer’s specific payment app. This broad acceptance is vital for a growing business. Also, it brings a seamless experience to every customer, which builds loyalty.

Low Cost, High Security: A Win for Indian Businesses (Bharat QR)

Traditional Point-of-Sale (PoS) card machines are costly. They require a hardware purchase. Also, they have maintenance fees and paper costs. The Bharat QR code changes this completely. Merchants only need a smartphone and a printed QR sticker. This dramatically lowers the setup cost. Therefore, it makes digital payment acceptance possible for even the smallest vendor. This is a massive plus for small businesses in rural or semi-urban areas.

Furthermore, security is a key advantage. Payments go straight into the merchant’s linked bank account. This reduces the risk of cash handling, theft, or loss. The customer’s card details are never shared with the merchant. Since the customer authenticates the payment with their mPIN on their own phone, the transaction is extremely secure. Consequently, this increased security builds trust in digital payments. This trust is important for expanding your customer base.

Implementing Bharat QR for Business Growth (Bharat QR)

Implementing Bharat QR is simple and fast. First, you must have a bank account. Then, you contact your bank or a supported payment service provider. They will register you as a Bharat QR merchant. You will get a unique Merchant ID. This ID is embedded in your unique QR code. You can choose a static QR code. This is a printed sticker displayed at your counter. The customer scans it and enters the amount manually. Alternatively, you can use a dynamic QR code. This code is generated on a mobile app or screen for a specific bill amount. The customer scans it, and the amount is already filled in.

For example, a restaurant owner might use a dynamic code to print on the bill. A small shop owner might use a static sticker. In turn, both methods offer fast, instant payments. Payments are often settled immediately via IMPS. This quick turnaround improves the business’s cash flow. Good cash flow is the lifeline of a growing business. Moreover, the easy implementation allows any business to quickly participate in India’s digital economy.

Boosting Customer Experience and Revenue (Bharat QR)

Offering Bharat QR directly impacts customer experience. Customers find it convenient. They do not need to look for an ATM or carry exact change. They simply scan and pay. This speed at the counter reduces waiting times. Shorter queues lead to happier customers. Happy customers are more likely to return.

Therefore, the system directly supports business growth. The use of digital records simplifies accounting and tax filing. All transactions are recorded instantly. This saves manual labor. Furthermore, the ability to accept payments from multiple card networks and UPI through one code means fewer missed sales. The shift from cash to digital records can also help a business apply for bank loans later. Banks favor businesses with clear digital transaction histories. Ultimately, adopting Bharat QR is an essential strategy for any Indian business aiming for long-term growth and better customer service.

Frequently Asked Questions (FAQs)

1. What is the main difference between Bharat QR and UPI QR codes?

Bharat QR is a unified standard. It was created by NPCI, Visa, Mastercard, and RuPay. It can accept payments made via a linked card (debit/credit) or UPI. A simple UPI QR code primarily uses only the UPI system for payment.

2. Does a merchant need a special machine to accept Bharat QR payments?

No. This is one of the biggest benefits. Merchants do not need to invest in expensive PoS machines. All you need is a smartphone and a printed sticker of your unique Bharat QR code.

3. How do payments reach the merchant’s account?

Payments made through Bharat QR are credited directly and instantly into the merchant’s registered bank account. This uses the Immediate Payment Service (IMPS) for fast fund settlement.

4. Is Bharat QR only for large stores, or can small vendors use it too?

Bharat QR is perfect for small vendors. Because it requires minimal hardware and has low setup costs, it is a highly cost-effective solution for micro and small businesses.

5. Is it safe to use Bharat QR?

Yes, it is very secure. The customer’s card or bank details are not shared with the merchant. The customer authorizes every payment using their secure mPIN on their personal mobile device.

Also Read: Blockchain: The Future of Global Payments?

What is UPI?

Unified Payment Interface (UPI) is a single platform that provides different banking services and features. If your bank is UPI enabled, you can create a UPI ID that can be used for making transactions. A transaction can be made using an Aadhaar number, Mobile number, and Virtual Payment Address (UPI ID). UPI allows the user to transfer and receive money from one bank account to another by using a smartphone. It enables the transfer directly from a bank account to the merchant and also handles basic banking activities. UPI is a revolution that can be an alternative to e-wallets, in other words, UPI is the best thing in the online money market.

UPI is a creation of NPCI & RBI and is an initiative by P.M Narendra Modi.

How to Use UPI?

For using UPI service on your mobile phone you just need to set up UPI ID which is linked to your bank account. There are many mobile applications that provide UPI facility, and UPI ID can be set up from these applications. UPI IDs have the same format for all UPI-enabled applications. The format is “XXXXXXXXXX@upi”, wherein XXXXXXXXX is the number followed by @ and then followed by the application from which you’ve built your UPI ID. So if you build a UPI ID from Paytm it will be, “XXXXXXXXXXX@paytm”. It is also possible to create your own unique UPI ID.

Once you’re done with creating UPI ID the further procedure remains the same for all the mobile applications which are providing your mobile number. After providing your number an SMS is sent for fetching your bank account details. Make sure the mobile number you enter is linked with the bank account for which you seek UPI service.

Your UPI-enabled bank account will be displayed on the screen, just confirm the band details and then you can set up a 4-digit PIN, this pin will remain the same for your bank account across all the UPI-enabled applications.

UPI-enabled Banks:

UPI is the most convenient feature, many banks in India have integrated UPI payments facility into their platform. UPI facility is available through its own app. It can be implemented into their own banking app or a separate app.

There are many UPI-enabled apps, the ones listed below are the most popular,

State Bank of India- SBI Pay
Kotak Mahindra Bank- KOTAK Pay
Syndicate Bank- Synd UPI
Punjab National Bank- BHIM PNB
Bank of Baroda- Baroda PAY
Axis Bank- Axis Pay
Indian Overseas Bank- IOB UPI

Why UPI?

When there are so many e-wallets, payment gateway, and online payment options available, why is the need for UPI then? Well, UPI is unlike all of these options, this initiative by NPCI eliminates the need for e-wallets and entering credit/debit card details and remembering passwords. UPI contradicts the current procedures of e-wallets and Net banking which are prone to hacking and malfunctioning, UPI is more secure. UPI is a great alternative for e-wallet for the following reasons,

Easy Usability:

Unlike e-wallet which involves several steps for money transfer, from adding the money from the bank account to the wallet and then paying the beneficiary from a wallet, it is a lengthy process, UPI is directly linked to the bank account and thus the payment is done directly from the bank account which eliminates the hassle of adding the money to wallet and then making payment giving the payer complete ease of payment.

Increased Adoption:

Many e-wallet apps have already started adopting UPI services into the application. Paytm has implemented the UPI service into their application. UPI is very much useful in transferring funds, It can be used to pay the driver’s salary or can be used to pay for goods or services. UPI platform lightened up after the launch of the BHIM app and later on apps like Google Tez increased the value of UPI in the online finance market.

No KYC:

E-wallet has this requirement called Know Your Customer(KYC) after the introduction of which e-wallets have faced a fall in payments. Whereas for UPI, KYC is not required and thus is preferred by many customers.

Incompatibility:

In e-wallets, KYC is a lengthy process because of which e-wallets have faced a fall in the volume of payments, but even after completing the KYC, you cannot transfer the money from one wallet to another.

UPI has become a central point in the process of the cashless India Initiative. UPI will transform the economy into a stronger, more independent, and purer one.

Digital Payment Guru provides the merchant with a facility in one of the payment options wherein the buyer can pay a merchant with UPI with lower transaction rates.

Tag: UPI

Bharat QR: Get Started for Business Growth