Deputy Governor of Reserve Bank of India, R Gandhi launched the much anticipated BharatQR code in Mumbai today.
It is an interoperable and low cost payment acceptance solution which is developed by National Payments Corporation of India (NPCI), MasterCard, and Visa.
Now the consumers will not be required to scan different quick response (QR) codes at the same merchant provided by the different payment networks.
The merchants will only need to display one QR code at the storefront or through the acquiring bank’s mobile application. The interoperable payment acceptance solution works with MasterCard, RuPay, and Visa accounts.