What Is Bharat QR ?
Bharat QR is the one common QR Code for the country which enables the customers to make UPI, Debit or Credit Card transactions using a mobile phone.
What Is UPI ?
Unified Payment Interface (UPI) is the most advanced and cost effective payment system developed by National Payment Corporation of India (NPCI). With UPI your customers can pay directly from their bank account using a UPI app from their mobile phone.
Why should a Merchant use UPI ?
Economical : UPI is one of the most cost effective payment method as compared to credit cards, debit cards or wallets, etc.
More Users : As per RBI more than Rs 24,000 crore transactions has been done through UPI which has already overtaken transactions done through all wallets put together.
No Hidden Cost : With UPI there is no need to install any additional hardware or POS machine. The Merchant has to pay only basic TDR per transaction.
Daily Settlement : All due amounts will be credited into the Bank Account of the Merchant automatically at 8pm.