BharatQR - Is it addressing the real Bharat
Submitted by Madhusudanan (@onlymadhu) on Monday, 26 June 2017
Technical level: Advanced
BharatQR has been conceived as the world’s first fully interoperable mobile based push payments product that works on the Payments card network rails.
The common QR code standard works across payments networks that can be read by any participating mobile banking or wallet applications of Banks. The Customer scans a QR code that is displayed at a merchant outlet and their underlying customers bank account is debited before the funds are remitted to the merchants account linked to the QR. The merchant is instantly notified in his app or SMS for receipt of payment.
It is envisaged that with low or no Capex and lower perceived risk associated with push payments, the QR is expected to witness explosive growth interms of deployment. Post 811, the Government has also nudged banks and payment networks to bundle in all digital payment methods into the BharatQR. In effect the BharatQR will have card payments from mobile + UPI + Aadhaar as transaction keys.
The talk will focus on the basics of BharatQR, where we are as a market, the traction that we have had and how does it pan out over the next 12 months.
To be added