From tomorrow, the people of the country will have another mode of e-payments. Now, the quick response code -based payment solution will allow merchants in the country to accept digital payments from those who hold a debit card with them even when they don’t have a card swiping terminal, a report by bloomberquint.com has said.
The report added that the IndiaQR, the product has been developed by Mastercard Inc, Visa Inc and Rupay jointly and will be launched formally on Monday in Mumbai. It will be the second major method of digital payment, which is being promoted by the government after the Unified Payments Interface (UPI) based BHIM app, which was launched by Prime Minister Narendra Modi recently.
Both methods are considered as an alternative to cash after the Centre’s demonetisation measure on November 8. Even as the currency has now started to normalise, the Narendra Modi-led Government is trying to encourage digital payments in the country by making them cost effective, it said.
The latest payment system works on existing network of firms like Visa, Mastercard and Rupay. It suggests that those having a debit card from any of these providers can pay by QR code, if they have downloaded an app from their bank which has this payment method, the report added.
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The bloomberquint.com also said that in case a customer has the app and wishes to pay to a merchant who don’t have a card swiping machines, he can scan the merchant’s QR code and transfer the amount from bank account directly. Private payment firms like Paytm already offer this facility, but both parties need to have a Paytm account to use it. The latest system IndiaQR allows people to pay without having to select one payment network over the other. But, this will require a large number of bank apps for such payments.