Canara Bank Launched two new Digital Payment Services

Canara bank

Bharat QR(Quick Response) and Bharat Bill Payments Syatem(BBPS), these two digital services started by state run Canara Bank on 10 August, 2017. Bharat QR service will be used for payments settlements with merchants whereas Bharat Bill Payments Systems is for customers to pay their bills.

1.Bharat QR(Quick Response)- Bharat QR was launched by the government in February,2017. It is the kind of system where customers can make payments without swiping their card. It was launched to tackle the money shortage problem after the demonetization.

Bharat QR(Quick Response) is world’s first interoperable payment acceptance solution. National Payments Corporation of India (NPCI), Visa, MasterCard and American Express jointly developed this digital payment system under the constructions provided by Reserve Bank of India.

The major benefits of this system are that merchant can accept payments from their customers a using single QR code rather than different QR codes for every payment.

2.Bharat Bill Payments Systems- BBPS is a government of India undertaking and an initiative by Reserve Bank of India. It is managed by National Payments Corporation of India (NPCI). The system offer bill payment services to those customers of banks who use Net banking.

About Canara Bank:

Canara Bank is one of the oldest banks in India and was founded in 1906 at Mangalore.

Its headquarter is in Bengaluru.

It was nationalized in 1969.

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