BharatQR launched by Visa, Billdesk across 50 utility service providers
Synopsis
This partnership would enable a major shift towards pushing of bill payments into digital mode especially through QR codes and also give a boost to transactions through BharatQR which was majorly promoted by the Reserve Bank of India.
By Pratik Bhakta, ET Bureau
Last Updated:
MUMBAI: Digital payments network Visa has partnered with payment gateway entity BillDesk, to enable around 59 service providers to start accepting BharatQR payments.
This partnership would enable a major shift towards pushing of bill payments into digital mode especially through QR codes and also give a boost to transactions through BharatQR which was majorly promoted by the Reserve Bank of India.
"The core idea that binds technology and payments is simplicity and convenience, and QR code is a great example. Having pioneered QR technology as low cost payments solution for open loop networks, and having worked with the government and the industry in developing BharatQR, Visa's endeavour is to grow the acceptance network for BharatQR in the country and make digital payments accessible to all," said TR Ramachandran, group country manager, India and South Asia, Visa.
"Merchant interest in and demand for BharatQR is growing for it is simpler, faster, and more reliable ways to accept digital payments with BharatQR. We will continue to collaborate with Visa to enable online merchants for BharatQR acceptance and simplify digital payments for consumers," said Ajay Kaushal, co-founder, BillDesk
Bharat QR is a QR code based payment method through which bank customers can scan the QR codes through their smartphone banking applications and make payments even without sharing their debit card details.
To use Bharat QR to pay their electricity bills, customers will simply need to log in to their bank's app, and scan the QR code displayed on their electricity bill, enabling instant payment. Alternately, customers may enter their unique Customer IDs online and generate a QR code that can be scanned using their bank app.
To date, 30 banks together serving over 90% of India’s population have enabled their banking apps and nearly 400,000 merchants for BharatQR payments.
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Some of the merchants include the likes of Tata AIG, ACT Broadband, Reliance Energy, Gujarat Gas, MTNL, Aircel, Tata Power, Pune Municipal Corporation, and Calcutta Electricity Supply spanning services such as utilities, internet, phone, DTH, insurance, and government services. This partnership would enable a major shift towards pushing of bill payments into digital mode especially through QR codes and also give a boost to transactions through BharatQR which was majorly promoted by the Reserve Bank of India.
"The core idea that binds technology and payments is simplicity and convenience, and QR code is a great example. Having pioneered QR technology as low cost payments solution for open loop networks, and having worked with the government and the industry in developing BharatQR, Visa's endeavour is to grow the acceptance network for BharatQR in the country and make digital payments accessible to all," said TR Ramachandran, group country manager, India and South Asia, Visa.
"Merchant interest in and demand for BharatQR is growing for it is simpler, faster, and more reliable ways to accept digital payments with BharatQR. We will continue to collaborate with Visa to enable online merchants for BharatQR acceptance and simplify digital payments for consumers," said Ajay Kaushal, co-founder, BillDesk
Bharat QR is a QR code based payment method through which bank customers can scan the QR codes through their smartphone banking applications and make payments even without sharing their debit card details.
ADVERTISEMENT
To use Bharat QR to pay their electricity bills, customers will simply need to log in to their bank's app, and scan the QR code displayed on their electricity bill, enabling instant payment. Alternately, customers may enter their unique Customer IDs online and generate a QR code that can be scanned using their bank app.
To date, 30 banks together serving over 90% of India’s population have enabled their banking apps and nearly 400,000 merchants for BharatQR payments.