The growing usage of smartphones and internet has led to the payments industry in India undergoing and experiencing a sharp surge in QR Code-based payment solutions. Banks and third-party technology providers have started providing their own variants of mobile wallets that users can download and use through their smartphones to make as well as receive payments.

This QR Code-based interface has initiated a new way for merchants and customers to exchange funds using mobile phones, making it a preferred channel to expedite and grow electronic payments. Merchants have used it to accept digital payments, as not all have the resources to mandate payments through POS card swipe EDC terminals.

In an attempt to encourage more and more people to use less cash and make digital payments instead, the RBI authorized a few card payment networks to implement an interoperable solution for such QR Code operated mechanisms. As a result, Visa, MasterCard and NPCI partnered to launch Bharat QR – a QR Code-based digital payment mechanism that merchant establishments, eCommerce and mCommerce websites are already using.