QR (Quick Response) Card is issued by recently launched Indian Post Payments Bank (IPPB) which has started its operation with 650 branches and 3250 access points. It is expected that it will connect all the 1.55 post offices with the IPPB by December 2018. IPPB is headquartered in New Delhi and Suresh Sethi is the MD & CEO of the bank with tagline “Aapka Bank Aapke Dwar“.
Now, lets come back to QR card. Indian Post Payment Bank has replaced the ATM and Debit cards with its newly launched QR card. Biometric authentication will be used as the second layer of verification instead of the four-digit PIN which is used in debit/ATM cards. It will help immensely the rural people who are not literate enough to avoid the hassle of remembering PIN and account number. QR card also eliminates the possibility of using the stolen card by someone else because of biometric authentication.
In case of a lost or stolen QR card, the money will still be safe in your account as each transaction is authenticated through biometrics. IPPB QR is easy to use. These three steps need to be followed to carry out the transaction:
- Scan the code
- Authenticate through biometric verification
- Complete the transaction
Where to use QR Card?
QR Card can be used for withdrawal of money, money transfer, bill payment and cashless shopping. IPPB provides doorstep banking service at the cost of Rs 25 per cash transaction. For this, the postman does two-step verification. First, the customer is identified through the QR code, followed by another verification using the biometric data. Postman hands over the cash to the customer after completing the two-step verification process.
You can carry out QR card-based transactions through postmen, post offices or dak sevaks. Soon, you may also be able to make payment through QR card at your local Kirana stores as IPPB wants to bring the unorganised retail on board.
Most Important features of QR card
- Point of Sale (PoS) terminal is not needed. The transaction can be done by scanning QR code by mobile app.
- No need to remember the PIN.
- No need to install ATM machines by IPPB.
- Only the original account holder can do the transaction.
- Instant issuance and acceptance across all IPPB counters and IPPB merchants.
- Cash transactions, money transfer, bill payments, or cashless shopping can be done by using this card.