National Payments Corporation of India (NPCI) has developed a BharatQR code to push less cash transactions in the country. This BharatQR code will require the merchants to display only one QR code instead of multiple ones. Conceptualised on the direction set by the Reserve Bank of India (RBI) in September last year, it will make payments seamless for buyers as they just have to “scan to pay” for transactions instead of swiping their credit/debit cards.
QR code or Quick Response code is a two-dimensional machine-readable code made up of black and white squares and are used for storing URLs or other information. These can be read by the camera of a smartphone
Visa and Mastercard have also helped NPCI in devising the BharatQR code.
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