​​​
  1. Come Monday and Indians will have another mode of e-payment- IndiaQR

Come Monday and Indians will have another mode of e-payment- IndiaQR

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.

By: | New Delhi | Updated: February 19, 2017 12:45 PM
Digital payments The latest form of payments have an advantage of being infrastructure-light.

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.

You may also like to watch this video

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.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

  1. No Comments.

Go to Top