Reported by: banking|Updated: August 14, 2017
Canara Bank introduced two digital products – ‘Bharat QR’, a platform for payment settlement at merchant locations, and Bharat Bill Payment System, the integrated bill payment system for internet banking customers. Rakesh Sharma, MD and CEO of the bank, said the bank is always poised for a digital revolution and has begun to offer scores of digital payment products/platforms to enhance customer convenience by reducing cash transactions. Bharat QR is a mobile application, which enables a merchant to accept payments as settlement for sale of goods or services. A bank statement said merchants enrolled by the bank will be allotted a QR code in line with the Bharat QR code standards. As the solution is interoperable, customers of any bank can make the payment using the mobile banking facility of their bank. The service is available on VISA/MasterCard/RuPay platforms. On the other hand, BBPS, an initiative of the RBI and managed by the National Payments Corp of India, offers bill payment services to the bank’s net banking customers with network of agents. The bank has enabled 144 billers covering telephone, electricity, water, gas supply, DTH and mobile networks among others.