India set to roll out cashless QR code payment system

NEW DEHLI — India is planning to roll out a nationwide cashless payment system across the country in a bid to move consumers toward epayments.

Dubbed “Bharat QR,” the payment system lets customers buy items by using their smartphone to scan a quick response code generated by the store.

This is expected to eliminate the need for card swipe machines for electronic transactions, with stores using codes instead.

Unlike most mobile wallet apps, the BharatQR codes aren’t restricted to one bank or payment system. They can be used across most payment terminals, reported Mashable.

According to the Hindu, the system operates in two ways: Users can have a QR code for one store and pay by entering their pin; or the store can create a code for separate transactions, with no pin entry required.