The QR code system is used widely in China. How is BharatQR code different from any other wallet such as Paytm, Freecharge, etc.? BharatQR code is an alternative to physical PoS machines, and is integrated within the bank’s payment or mobile banking application. So far, 14 banks, including State Bank of India, Axis Bank, Bank of Baroda, Bank of India, HDFC Bank, ICICI Bank, Union Bank, RBL Bank, Yes Bank and Karur Vysya Bank, are operationally ready to deploy BharatQR. Paytm, which has close to 150 million ewallet users, has claimed that 65% of its overall transactions are done through the QR code payment mechanism.

Source: Indian Express February 20, 2017 18:56 UTC