Visa, together with electronic payments provider BillDesk, have successfully enabled 50 large service providers for the Bharat QR payments acceptance platform in only one month.
As a result the digital payment facility has been extended to a potential 300 million consumers. Enabled merchants include Tata AIG, Reliance Energy, Aircel and Tata Power.
Bharat QR is a secure interface allowing customers to make payments using bank apps on their smartphones.
It is said that the platform simplifies digital payments by removing the need of card details at the point of sale. Customers enter a unique ID which generates a QR code which can be scanned using the app.
Visa group country manager for India and South Asia T.R. Ramachandran said, “Having pioneered QR technology as low-cost payments solution for open loop networks, and having worked with the government and the industry in developing Bharat QR, Visaâ€™s endeavor is to grow the acceptance network for Bharat QR in the country and make digital payments accessible to all.”
“This is a strong testimony to our open collaboration with the innovation ecosystem to drive frictionless payments that empower millions of lives.”
Copyright FinTech Global 2017