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To make a QR code payment, the consumer scans the QR code displayed by the merchant with their smartphone to pay for their goods. They enter the amount they have to pay and finally submit. This is a more secure card-not-present method than others.
QR codes can be used to store bank account information or credit card information, or they can be specifically designed to work with particular payment provider applications. There are several trial applications of QR code payments across the world.
The QR code is presented by the payee, in a static or one time generated fashion and it is scanned by the person executing the payment. Mobile self-checkout allows for one to scan a QR code or barcode of a product inside a brick-and-mortar establishment in order to purchase the product on the spot.
A smart card ( SC ), chip card, or integrated circuit card ( ICC or IC card ), is a card used to control access to a resource. It is typically a plastic credit card-sized card with an embedded integrated circuit (IC) chip. [1] Many smart cards include a pattern of metal contacts to electrically connect to the internal chip.
Although, BharatQR primarily works by scanning QR codes, it is not the only way to make payments. It allows users to pay through Aadhaar number, UPI payment address or through account number and IFSC code thus, minimizing the need to pay using debit and credit cards which are, supposedly, less secure than BharatQR. [3]
Displaying a QR code on the customer's smartphone to the identifying host (a cashier i.e.). The unique QR code ensures privacy for every customer. Engaging an NFC protocol connection by placing the smartphone near the NFC Reader (using host card emulation method).
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