CURRENT AFFAIRS

Detailed explanation-1: -Bharat QR is the world ‘s first interoperable Quick Response (QR) code acceptance solution developed by the payments industry to expedite India’s transition to a less-cash society. It has been developed by National Payments Corporation of India (NPCI), Master card and Visa.

Detailed explanation-2: -Bharat QR, as the name suggests, is a QR based payment solution and can be used to make P2M (Person to Merchant) digital payments. This means that you can directly scan the Bharat QR code deployed at merchant’s or seller’s place, using any Bharat QR enabled mobile application.

Detailed explanation-3: -Bharat QR code is much more widely acceptable and secure than other QR codes. Users can pay using any card scheme such as-RuPay, Visa, MasterCard and Amex.

Detailed explanation-4: -Bharat Interface for Money (BHIM) is an app that lets you make simple, easy and quick payment transactions using Unified Payments Interface (UPI).

Detailed explanation-5: -Bharat QR is a Mobile payment solution which is a Person to Merchant (P2M) mode where payments are done using credit or debit cards. BHIM UPI is dynamic, it can be used for Person to Person and Person to Merchant payment using virtual payment addresses.