India has reached a new milestone in cashless transaction by launching Bharat QR, the world's first interoperable payment acceptance solution. This is the second big ticket initiative from the Centre, after BHIM, towards pushing digital transactions. Bharat QR code is an interoperable payment acceptance solution.
Even if the merchant and customer are on different payment platforms, Bharat QR will enable payment from one to the other. This means that merchants need to display only one QR code instead of multiple ones for different payment platforms. It has been jointly developed by the National Payments Corporation of India (NPCI), Master card, and Visa, Bharat QR code would require.
All banks associated with the NPCI are already operationally ready to deploy Bharat QR. This includes SBI, Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, Development Credit Bank, Karur Vysya Bank, HDFC Bank, ICICI, IDBI, RBL Bank, Union Bank of India, Vijaya Bank and Yes Bank. Persons using MasterCard, Visa, American Express or Rupay can also transact using Bharat QR.
Quick Response Code (QR Code) is a two-dimensional machine-readable unique pattern that contains information on a specific task. A common example is QR codes in newspaper advertisements or billboards. When scanned using a smartphone, it will direct you to the advertiser's website.
Currently, only HDFC Bank's Payzapp and ICICI's Pockets app have been integrated with BharatQR code. So the code won't work with other mobile wallets.