QR and mPOS are advanced money transferring mechanisms, an upgrade over the traditional credit card swiping machines. The QR and mPOS, free merchants from the Swiping difficulties being faced by them at the point of sale and card readability issues. As there is no physical card being utilized, it improves the security, minimizing the risks of data theft through the tampered point of sale swiping machines.
QR code provides a cost effective way of transaction for both the consumer as well as the merchant. Merchant saves investment at the point of sale devices apart from the MDR charged to him on each transaction (By using vCard, merchants need not pay any MDR charges), the merchant will now be able to pass on these savings to the consumer. Besides, QR is easiest of the current modes of transaction (cash, card swiping, etc.), with no hassles of change currency as in liquid cash, or limitation of having same platform. The Bharat QR code is the universal code, which does not lock into a specific application, thus from a logistical point of view, it provides simplicity and a sense of relief to customers who may find it troublesome to manage different platforms for various purposes. Tracking would also become a lot simpler, since all transactions will be on a single platform and there would not be any need of switching applications or tracing different credit/debit. Another advantage of QR is the instantaneous payment, which is a boon for merchants, since in the traditional swiping, money gets credited into the account at the end of the month, but with IMPS service, Bharat QR does instant payment service.