Bharat QR Code (BQR)
Bharat QR is C2B and B2B Mobile payment solution. UPI QR Code is generally used for C2B payments. UPI QR Code needs UPI ID, bank accounts which cannot be linked to a particular mobile, may not be able receive UPI payments, so Bharat QR Code is needed for such accounts. With Bharat QR Code, one can receive payments from all UPI APPs, Banks Mobile APPs, Credit Cards and Debit Cards mobile APPs. Bharat QR Code has been developed jointly by NPCI, Visa and Mastercard payment networks. Once the BQR codes are deployed on Merchant locations, user can pay the utility bills using BQR enabled mobile banking apps without sharing any user credentials to the merchant. It is a quick method of payment.
Types of Bharat QR Code
Bharat QR Code is of two types:
Static Bharat QR Code.With Static Bharat QR Code one can receive payments any number of times. Means payers can make payments any number of times by scanning static Bharat QR Code.
Dynamic Bharat QR Code.With Dynamic Bharat QR Code one can receive payment only once. Expiry time for making payment may be fixed in dynamic Bharat QR Code. Payer can make payment only once during the validity of the Dynamic Bharat QR Code.
Bharat QR Code Features
- No monthly Charges
- No Annual Charges
- No Maintenance Charges
- No SWIPE Machine required
- No Smart Phone required to receive Bharat QR Payments
- No Installation required
- No need to share your mobile number
- No need to send payment request
Difference Between Bharat QR Code & UPI QR Code
|Sr. No.||UPI QR Code||Bharat QR Code|
|1.||Mobile no. should be linked to bank account||One have to apply for Bharat QR Code|
|2.||No transaction charges on UPI Transactions or very less fee is charged by banks||Transaction charges apply on Bharat QR Code Transactions|
|3.||UPI Payments can be received for any Bank Account linked with mobile no.||Bharat QR Code is issued to only to merchants after KYC|
|4.||Transaction status available on UPI APP and debit/credit SMS is sent on mobile linked to account.||Bharat QR Code transaction SMS may be sent on mobile or predefined website URL|
|5.||UPI payment is settled in the account immediately.||Bharat QR Code payments are settled into your account after 24-48 hours|
Which Payment QR Code? UPI QR Code or Bharat QR Code:
Which payment QR Code is required for you? In case your mobile is linked to bank account or Bank Account no. & IFSC code QR Code payments are processed by your bank, you can use UPI QR Code. If your mobile is not linked to bank account or your bank does not process bank Account No. & IFSC QR Code, you need Bharat QR Code. If you want that you should get transaction response on your website, then you require Bharat QR Code. If your bank is not on UPI platform, then you need Bharat QR Code.