Digital transactions have grown manifold since the currency demonetization by the Government of India in 2016. Efforts towards boosting digital payments in the country have also gained prominence over the past couple of years. The introduction of the Unified Payments Interface (UPI) made it possible to seamlessly transfer money using smartphones in a bid to promote cashless transactions. In addition, the Bharat Interface for Money (BHIM) app, served as a unified UPI app. Aadhaar Pay was also unveiled for cashless money transactions.
While all of these efforts were focussed on consumers, there was growing need to boost the merchant side of the equation, and the solution lied with BharatQR as a payments transfer mechanism for digital payments. Indian fintech startup PayNearby, aims to boost cardless transactions, and has enabled the Bharat QR Code for merchants to receive payments seamlessly.
By using BharatQR, a merchant could receive payments from a consumer with minimal effort to both of them. All the consumer needs to do is scan a QR code using their smartphone, and within seconds the transaction can be made using any banking app or BHIM UPI. Additionally, since 30 Lakh Electronic Data Capturing (EDC) machines have already been deployed in India, Bharat QR makes it much easier for 2 Crore merchants to receive payments digitally.
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Speaking on the development, Anand Kumar Bajaj, Founder & CEO of PayNearby and Chair BCFI Communications Committee, said, “PayNearby has been formed with the objective of digitally empowering local shopkeepers and allowing customers to be privy to a host of financial and non-financial services at the first mile. Our overarching goal has always been to facilitate multiple, technologically-advanced payment methods that can boost India’s progression towards becoming a cashless economy.”
Dilip Asbe, MD & CEO National Payments Corporation of India (NPCI), developers of UPI and BHIM said, “NPCI is proud to host fintech startups like PayNearby who are dedicated to the cause of inclusion and have helped take forward the mandate and technology built by NPCI along with Banks. It furthers the national agenda of digital payments. We have seen the AePS and BBPS deployment done by PayNearby and are confident of their success to promote BharatQR. With the integration of BharatQR, PayNearby will be able to further enhance the customer and merchant experience and accelerate the growth of digital payments adoption across India in the smoothest manner”.
Bajaj added, “Recent approvals from Reserve Bank of India regarding tokenization and work are done by NPCI on BharatQR, both safeguards customers from skimming their cards. With our team of 488 able professionals and over 4 lakh retail partners, we are on a nation-wide mission to extend digital financial inclusion to all. BharatQR integration is a massive push in this direction, as we make greater progress towards achieving this vision.”