India-based private bank Bandhan Bank has announced the launch of a new payment solution via the Bharat QR Code, developed for its Current account and Savings account customers. Through this move, Bandhan Bank intends to simplify and optimise how the self-employed segment of customers conducts payments at merchant outlets, with the bank providing an instant notification for every transaction through a small speaker.

In addition, customers can make payments via any of the bank apps or UPI apps, without needing to leverage their debit or credit cards. Being embedded with security features, Bharat QR allows its users to make safe, as well as fast payments. Also, the solution is set to meet the demands and needs of merchants ranging from small vendors to large retailers. Moreover, as a private sector bank, Bandhan Bank is committed to increasing financial inclusion and focuses on providing its services to the underserved population of India.

The bank works towards mitigating difficulties in accessing banking services, with it delivering a suite of solutions, including loans, deposit accounts, internet and mobile banking, and ATMs across the region. How will customers benefit from this initiative? By providing optimised technology and a user-centric digital experience, Bandhan Bank intends to offer a payment solution that can support both merchants and customers via multiple modes of payment through several channels. As part of the initiative, the bank aims to increase convenience for its existing and new customers.

Also, by launching these new products, Bandhan Bank advances its commitment to customer-centricity and development in the banking sector. According to Bandhan Bank’s officials, the introduction of the Bharat QR Code is set to enable the bank to offer an optimised payment solution that allows merchants to provide an efficient payment method to their customers. To further support its mission to digitalisation, Bandhan Bank partnered with Oracle in February 2024, with the bank planning to modernise its core banking system and expand its digital services. At that time, the bank initiated the overhaul to improve its retail and wholesale banking processes while launching additional digital features.

Utilising Oracle FLEXCUBE and Oracle Banking Digital Experience enabled the financial institution to increase its operational efficiency and offer optimised services to its diverse customer base, with a focus on underserved segments of India. .