Chennai: On the backdrop of Reserve Bank of India approving tokenization, PayNearby, Indian digital fintech company which empowers retailers at the first mile to offer digital financial/non-financial services to locals, has released BharatQR in its portfolio of payment solutions.
BharatQR is a payment mode using which a customer needs scans a code displayed in merchant outlets through their
smartphones and make payments within seconds through their banking apps or BHIM UPI. With widespread promotion of digital payment solutions across the country, India has been able to achieve 30 lakh deployments of EDC machines so far.
Now, with Bharat QR launch, it becomes easy for the reaming of the two Crore merchants to come on to digital payment platform with ease, a statement from PayNearby said. PayNearby also recently released AePS capabilities in partnership with NPCI and YES Bank riding on the JAM trinity to advance the services to citizens under Pradhan Mantri Jan Dhan Yojana.
Speaking on the development, Mr. Anand Kumar Bajaj, Founder and CEO of PayNearby and chairperson of BCFI Communications Committee, said, ‘Recent approvals from Reserve Bank of India regarding tokenization and work done by NPCI on BharatQR, both safeguards customers from skimming their cards. With our team of 488 able professionals and over four lakh retail partners, we are on a nation-wide mission to extend digital financial inclusion to all.’