IndiaQR New Payment Method: While the people of India are getting used to digitalization due to the demonetization move by the Center last year there are uprising payment methods. Earlier, there were payment methods such as POS machines and online NEFT, EMI, etc. now digital wallets, UPI, Bhim app, USSSD codes have become equally common. Today, there will be yet another payment method rolled out into the mainstream digital payment platforms. This is the newest and latest payment method called IndiaQR.
IndiaQR New Payment Method Officially Launched Today in India
This new payment method called IndiaQR (QR stands for Quick Response) targets those wanting faster electronic transactions. Moreover, this would not require the swiping machines of the POS machines to or swipe plastic cards. The latest digital payments method is all set to launch officially February 20, 2017. There are three major payment platforms namely RuPay, Visa and Mastercard Inc. who jointly developed this convenient payment method.
This latest payments platform is all set to launch in the city of Mumbai today. After the UPI this is another second digital payments method. As per a Times of India report last week many of the Indian Banks Association met on finalising IndiaQR launch details. This payment method also helps in Aadhar based bank transfers apart from being a common interface for Visa, Mastercard, and RuPay cards.
In case a customer has a Mastercard, Visa, and RuPay debit card and the merchant does not have a POS machine. Even if the merchant does not have a swipe machine or terminal then the customer can scan the QR code with the merchant. This is regardless of the bank app on your mobile phone. However, there should be the IndiaQR support to use this payment. Even merchant requires a unique IndiaQR code. Once the successful IndiaQR code scanning is done customers can directly pay into the merchant’s account.
Even Paytm has the QR code system but has its variations. With IndiaQR customers do not have to use only one particular payment network over another. IndiaQR works across different banks similar to UPI. The only requirement is for the merchant and bank agreement that can get them started to accept IndiaQR payments.
Stay tuned for more news and updates and Press CTRL+D to bookmark this page: FitNHit