What is BharatQR code and how does it work?

New Delhi: As part of efforts to move towards less-cash economy, RBI has launched BharatQR code.

BharatQR is an inter-operable and low cost payment acceptance solution.

Here is all you need to know about BharatQR code and how it works

• BharatQR has been developed by National Payments Corporation of India (NPCI), Mastercard, and Visa
• BharatQR code would require merchants to only display one QR code instead of multiple ones.
• Devised on the direction set by the Reserve Bank of India (RBI) in September last year, it will make payments seamless for buyers
• Buyers just have to "scan to pay" for transactions instead of swiping their credit/debit cards.
• The merchants will only need to display one QR code at the storefront or through the acquiring bank's mobile application.
• QR code or Quick Response code is a two-dimensional machine-readable code made up of black and white squares and are used for storing URLs or other information.
• These can be read by the camera of a smartphone.
• A number of leading banks are already operationally ready to deploy BharatQR, including SBI, 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.