The Reserve Bank of India deputy governor R. Gandhi on Monday launched BharatQR, a standardized quick response (QR) code, developed by MasterCard, National Payments Corp. of India and Visa. Here is what you should know:
What is it?
QR code is a machine-readable matrix that can be scanned with a smartphone to make payments. BharatQR code is interoperable. To make it interoperable, payment network companies Visa, MasterCard, RuPay and American Express have come together. Currently, American Express is in the final stage of integration and not yet live. BharatQR code works on Android and iOS platforms, though not on Windows. However, a deployment option via USSD (Unstructured Supplementary Service Data) is being worked out to support non-smartphone users.
