What are the QR Code Based Payment System In India and how it is changing the payment system in India.
The QR code-based payments are accepted by most merchants across India, but they are largely closed systems. Visa is a pioneer in QR Code payments, and it has already launched mVisa in India a year-and-a-half ago. Last year, DTH operator TataSky had partnered with Visa to allow and accept QR code-based payments from its subscribers. In fact, mVisa is the widely accepted payment option across the globe.
In November 2016, MasterCard launched its ‘Masterpass QR service’ in partnership with Ratnakar Bank’s Ongo payment wallet. RuPay was also expected to come up with its QR code-based solution, but there is no word as yet. Since demonetization, e-wallet apps such as Paytm, Freecharge and Mobikwik, among others have also seen a surge in usage. While these wallet apps also allow QR code-based payments, both parties need to have the app.
For instance, if you are transferring money using Paytm, the recipient needs to have Paytm account and app installed on their smartphone. However, there is no unified solution for the same. Meaning, I won’t be able to transfer money from Paytm wallet to a recipient using Freecharge or MobiKwik. This is where Bharat QR Code will greatly help.
A look at current QR Code-based payments
The QR code-based payments are accepted by most merchants across India, but they are largely closed systems. Visa is a pioneer in QR Code payments, and it has already launched mVisa in India a year-and-a-half ago. Last year, DTH operator TataSky had partnered with Visa to allow and accept QR code-based payments from its subscribers. In fact, mVisa is the widely accepted payment option across the globe.In November 2016, MasterCard launched its ‘Masterpass QR service’ in partnership with Ratnakar Bank’s Ongo payment wallet. RuPay was also expected to come up with its QR code-based solution, but there is no word as yet. Since demonetization, e-wallet apps such as Paytm, Freecharge and Mobikwik, among others have also seen a surge in usage. While these wallet apps also allow QR code-based payments, both parties need to have the app.
For instance, if you are transferring money using Paytm, the recipient needs to have Paytm account and app installed on their smartphone. However, there is no unified solution for the same. Meaning, I won’t be able to transfer money from Paytm wallet to a recipient using Freecharge or MobiKwik. This is where Bharat QR Code will greatly help.
What is QR Code?
A QR code (abbreviation for Quick Response code) is a specific matrix barcode (or two-dimensional code) that is readable by dedicated QR Code/barcode readers and camera phones. The code consists of black modules arranged in a square pattern on a white background. The information encoded may be text, URL, or other data.
Common in Japan, where it was created by Toyota subsidiary Denso-Wave in 1994, the QR code is one of the most popular types of two-dimensional barcodes. The QR code was created to allow its contents to be decoded at high speed.
The technology has seen frequent use in Japan and South Korea, however, in the West, there has been a slower adoption of QR codes until recently where there has been a big increase in awareness and usage.
Overview
Although initially used for tracking parts in vehicle manufacturing, QR codes now are used in a much broader context, including both commercial tracking applications and convenience-oriented applications aimed at mobile phone users (termed mobile tagging). QR codes may be used to display text to the user, to add a vCard contact to the user's device, to open a Uniform Resource Identifier (URI), or to compose an e-mail or text message.
QR codes storing addresses and Uniform Resource Locators (URLs) may appear in magazines, on signs, buses, business cards, or almost any object about which users might need information. Users with a camera phone equipped with the correct reader application can scan the image of the QR code to display text, contact information, connect to a wireless network, or open a web page in the telephone's browser. This act of linking from physical world objects is termed hard linking or object hyperlinking.
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