Last Updated on November 17, 2022 by
Evolution of QR codes
In a professional tone: The evolution of QR Codes has been phenomenal in the Asian market, especially China. Since 2014, China has redefined the way cashless payments are made for day to day activities like your daily meals, groceries, rides, flight tickets and even monthly rents by scanning a QR code. mainstream payments like MasterCard and Visa have been sidelined.
The popularity of QR Code payment is evident from several Internet companies launching their own apps in order to facilitate the usage of QR Code. As per an estimate by i Research, there were over 2.3 billion mobile payment users worldwide in 2016 with a compound annual growth rate (CAGR) of 18% every year.
QR Codes have also contributed to the surge in all online transactions like online shopping websites and online payment portals, which has resulted in a decline in all other payment methods. According to a report by UK-based research firm Juniper Research, the revenue generated through mobile payments is expected to touch $721 billion by 2020. Another report by IDC revealed that Mobile Commerce (m-commerce) would contribute $1.2 trillion by 2018 with a whopping 32% CAGR from 2014-2018.
Digital Payment Lineup
India has been the hotbed for cashless transactions since demonetization. The government realised that a large amount of the Indian population is unbanked and represents a huge potential for digital payments. Infact, about 50 crore people who are without any kind of financial services are the target market for digital payments. This is where Bharat QR came into play. It was launched by National Payments Corporation of India (NPCI), and it is interoperable with all other payment players like banks, wallets, UPI etc.
Bharat QR allows users to pay at any merchant using just a QR code. It works on existing payment infrastructure and does not require merchants to replace their point of sale devices or applications. To pay through BharatQR, a user needs to have a smartphone with an app like BHIM or any other UPI app or bank’s own proprietary app that supports Bharat QR. Once installed, the user will get an option on the app to add money into their accounts. To pay, they can just scan merchants’ QR code; it will automatically recognize their account number and payment will be done instantly.
Bharat QR has currently captured 40% of the merchant payments in India and is being used by more than 75000
Quick & Wide adoption of Bharat QR Code
The Indian Government has taken a great leap by introducing Bharat QR code in the market. Bharat QR is a platform that allows users to make payments via QR codes. The users now have an option to scan the QR code & make payment directly. The government has already allowed 15 banks to use this platform & many other banks are expected to adopt it in the coming days.
Bharat pay QR code is a step ahead from all the other modes of payment that are currently being used. It allows seamless transactions between the customers & merchants without any hassle at all. As of now, a lot of eWallet apps are also allowing vendors to get on board & accept payments via QR code. Smartphone makers have also launched phones with inbuilt QR code readers, which will make it easier for the public to scan the codes & make payments conveniently.
Bharat QR is an innovation & will bring about a positive change in day-to-day transactions, especially for people who are still not comfortable with online payments & have no access to debit/credit cards or internet banking facilities. Bharat QR is expected to revolutionise payments scenario as it will be available as a standalone app, which means that even people who do not own smartphones will be able to use this technology.
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