Update: Speaking to MediaNama, ItzCash's chief business officer, Ravi Singh said that the integration was made to make the POS terminals future-proof. However, Singh did mention that there isn't enough data on how many transactions are happening on BharatQR at the moment. He did mention that if a transaction happens on BharatQR it will be counted as a card transaction and will be settled by the card networks into bank accounts. In contrast, QR code payments on UPI, the money will be settled directly into a merchant's bank account by the NPCI. Earlier: Payments and financial services company ItzCash has integrated BharatQR on its POS machines, where customers can pay the amount of sale by simply scanning the QR code displayed on the device from their own smartphone. The company has partnered with MRL Posnet, a POS technology solution provider, to enable BharatQR payments. The company adds that it has added new technologies such as Aadhaar Pay on the terminals and will begin those payments as and when they are more mainstream. ItzCash forayed into the POS terminal business after demonetization, and has deployed more than 30,000 devices since then and plans to increase it to 100,000 by the end of the financial year. Lack of clarity on BharatQR But here is the thing: BharatQR, launched with much fanfare in February, is facing delays as banks are not ready to deploy these codes, as indicated by this Economic Times report. The publication added that banks are stuck in obtaining certifications from card networks…
