Home Business Tips How Can Bharat QR Code Help Your Business Grow Faster?

How Can Bharat QR Code Help Your Business Grow Faster?

by Khatabook

A Detailed Guide to Bharat QR Code

The Indian government is constantly working towards the digitization of financial services. It all started with demonetization which was announced by the Indian government. Yes, it was the first step towards educating people about electronic payments.

To prevent major cash transactions, the government of India launched Unified Payment Interface (UPI), Unstructured Supplementary Service Data (USSD), Bharat Interface for Money (BHIM), Aadhaar Pay, etc. On those lines comes the Bharat QR code system which allows interoperable payment. In general, the electronic payment method increases sales, reduces transaction costs, also improves the speed of the transaction. It is even safe for high-value transactions. Therefore, Bharat QR Code is an electronic payment method that is flawless, safe, and secure.

What is BQR?

Generally, a QR code will contain black squares within a white grid that can be captured by the phone camera. Each item will have a Quick Response (QR) code. Likewise, Bharat QR code contains a code that is P2M (people to mobile). NPCI, Master, and Visa card payment networks have mutually derived this solution. When the Bharat QR code is deployed in the merchant location, the user can pay utility bills with the help of the code that enables the mobile banking app. During this process, the user credentials are kept confidential.

Who are the Parties Involved in the Payment System?

  1. Merchant mobile application solutions
  2. Consumer mobile application solutions
  3. Transaction processing engine

How to Use Bharat QR Payment Method

  1. Download the BHIM app or the respective bank app. You can download any bank mobile app wallet that supports Bharat QR.
  2. Register one time by linking your card details.
  3. Now, scan the BQR at the store and make payment with the bank account of your choice.
  4. Finally, you will receive a notification about the transaction made.

Steps to Generate the Bharat QR Code for Businesses 

  1. Link bank account with the BHIM app.
  2. Generate a QR code using the BHIM app which is unique to your specific business.
  3. Print that code and paste it inside the store, visible to customers, which will allow them to scan it using their phone.
  4. At last, you will receive notification after the customer makes payment.

Note: BHIM QR is used for both P2P and P2M via virtual payment address and Bharat QR code is used exclusively for P2M via Debit/credit cards.

Features of Bharat QR Code

  1. Cost-effective infrastructure
  2. Merchants and customers are both remotely managed
  3. QR code is interoperable
  4. Transaction is push-based
  5. The merchant need not store charge slip in any form

Top 5 Benefits Offered by Bharat QR Code to Boost your Business

From the above section, you have understood the use of Bharat QR code, both from the user and the merchant perspective.

Now, from a business point of view, you must understand how it will stand advantageous.

 #1. Do Away with the POS Machine 

There is no need to use point of sale (POS) machines anymore to receive payment from the customer. This will save your business from the purchasing cost of the POS machines, and the transaction fees charged by the banks. Moreover, there has always been a struggle, which is experienced due to poor network, and the swiping machine often fails to read the card details. However, these troubles can be avoided and your customers will be delighted to pay you just by scanning the code from their phone.

#2. Limitless Payment 

If you have used PayTM, or Mobikwik then you will know the struggle of payment limits. There is a limit set and you cannot receive payments beyond that. However, with Bharat QR there is no such limit to receive payment on a monthly basis.

#3. Quick, Safe & Secure 

The transaction is quick and the amount reaches your account immediately after the customer scans the code and makes payment. Also, there is no digital interface between your account and the customer’s account. In addition, card details are not revealed and there is no need to swipe cards physically. It is secure, hassle-free, and risk-free. There is no longer a need to have different QR codes for individual networks and only one code with the registered bank will allow you to receive payments through any network.

#4. Dynamic System

14 leading banks have enabled Bharat QR code integration as given below:

Bharat QR Code Enabled Banks - Khatabook

You can continue to maintain your account with your bank and still generate a Bharat QR code to make your business dynamic. Similarly, service providers like Amazon Pay, PhonePe support Bharat QR code. Above all, this makes life easy for customers as well and they will just need to scan the code in their phone and enter their PIN to complete payment.

#5. User-Friendly App

When you want to expand your business you need to have more customers. This can be easily achieved when you use the Bharat QR code for your payment system. However, there is no need to force the customer to have the same app that you have like mobile wallet apps do. It is closed-loop but with BQR, customers can have any payment app integrated with BHIM and they will still make payments to you, just by scanning the QR code. This will be a hassle-free experience for your customer and in turn, you can boost your business.

Final Takeaway

You must provide a trouble-free payment experience to your customers to become their preferred merchant. This is now possible with the Bharat QR code. The initiative of the Indian government to bring cashless transactions with Bharat QR code will allow your business to grow. Therefore, embrace this technological advancement today to skyrocket your business profit.

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