The Indian market is flooded with all types of digital payment options these days. But there is one which particularly stands out—Bharat QR! The technology has single-handedly changed the way small business owners conduct day-to-day business.
It has opened up a whole new avenue for them by allowing them to go toe-to-toe with big business houses, which till now had the upper hand, thanks to POS devices.
A POS device is a pretty expensive investment and mostly not within reach of small business owners. Moreover, the sales volume of small businesses isn’t high enough to justify the cost of investing in such devices.
What is Bharat QR?
It’s a QR code scanner online-based technology containing a P2M code (People to Mobile) that makes digital payments possible by simply scanning the code using a mobile device. The technology is the brainchild of the NPCI, MasterCard, and Visa Card networks to make everyday payments faster, secure, and seamless for both merchants and customers. The technology is designed to facilitate payments without revealing a user’s confidential information.
How Do Merchants Benefit from Bharat QR Codes?
Bharat QR code offers business owners a unique opportunity to jump into the digital payments landscape without any overhead costs. Here’s how they can benefit from the marvellous piece of technology!
Zero Investment Needed
Bharat QR codes can be printed off a standard printer and immediately deployed once the merchants’ bank account has been connected. Unlike POS devices with an upfront cost involved, Bharat QR requires zero investment, giving small-time business owners the ability to start accepting digital payments.
No Caps on Number of Transactions
Unlike some other QR code-based apps, Bharat QR doesn’t cap the number of transactions that merchants can carry out in a month. This way, they are free to avoid cash payments altogether and can attract more customers accustomed to paying via digital means.
Secure and Seamless Transactions
Bharat QR codes have been designed to be secure. Whenever a customer transacts, their information is kept confidential as no bank account details or card information gets shared. Moreover, the transactions are seamless with zero lags.
Works Across all Banks and Card Networks
NPCI, MasterCard, and Visa have jointly developed the technology; therefore, the technology is dynamic and works across all bank and card networks. This makes it easier to make and receive payments as the acquiring and receiving banks can be separate, yet payments can be made and received.
Instant Payments
Since the payments are instant without any lags or delays, there is more cash inflow in the system. Moreover, since all transfers are bank to bank, there is no need to deposit cash into the bank account physically, and merchants can pay for inventory and make other payments directly. This makes the entire day-to-day operations much smoother.
Bharat QR codes have come as a much-needed respite for both big and small business owners, along with being a convenient option for customers to pay for the goods and services they buy every day. So, if you are a business owner and still haven’t implemented this gem of technology in your day-to-day operations, it’s high time you enable Bharat QR for your business.