BharatQR developed by Mastercard, National Payments Corporation of India and Visa
Singapore, February 21, 2017 – In a milestone move to support India’s evolution into a digital economy, Reserve Bank of India and Indian Banks Association today announced the launch of Bharat QR, the world’s first interoperable Quick Response (QR) code acceptance solution. The solution has been developed by Mastercard in collaboration with National Payments Corporation of India (NPCI) and Visa. American Express is also on board to adopt these standards.
The development of Bharat QR is aligned to the direction set by the Reserve Bank of India (RBI) in September 2016 and in line with the Payments Vision 2018, which outlines innovation, interoperability and security as three key focus pillars in facilitating India’s transition towards a less-cash society. With Bharat QR, merchants and consumers alike now have a seamless, safe and secure payment method to transact. For consumers, Bharat QR eliminates the need to use multiple QR codes from different payment networks when transacting with any merchant. Similarly merchants need only display one single QR code at the storefront or through their respective acquiring bank’s mobile application. The Bharat QR solution will be rolled out across the nation in phases by banks, connecting 57 million small and micro merchants across the country to a simple, easy to understand and low cost solution.
Porush Singh, Country Corporate Officer, India and Division President, South Asia, Mastercard, said, “Mastercard welcomes and supports the government’s move to introduce BharatQR. With the objective of providing a fast, convenient and secure payment solution for consumers and a reliable and instant acceptance offering for merchants, Mastercard developed the first of its kind “Made in India,” global interoperable payment solution at its technology center in Vadodara. We are looking forward to leveraging our technology backbone and partnering with the government and the industry to create a robust, safe & secure digital payments ecosystem.”
The payment solution is expected to revolutionize the payments landscape altogether, besides driving greater acceptability and adoptability among the masses with its inherent ease of use and low cost of deployment.
BharatQR is an important milestone in Mastercard’s stated global goal of connecting 40 million micro and small merchants to electronic payments network by 2021, as part of our commitment to bring 500 million people into the folds of inclusion by 2020 through the Universal Financial Access initiative. Mastercard continues to power Digital India and Cashless India by investing in technology innovations like digital payment products as well as improving both security and authentication for payments in India
A number of leading banks are already operationally ready to deploy BharatQR, including Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, Development Credit Bank, Karur Vysya Bank, HDFC Bank, ICICI Bank, IDBI Bank, RBL Bank, State Bank of India, Union Bank of India, Vijaya Bank and Yes Bank. Many other leading banks are also at various stages of implementation.
Mastercard (NYSE: MA), www.Mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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