It appears the government continues to push for advancing India’s banking and commerce industries with the launch of it’s latest QR based mobile payments solution. As you know, India has long been reliant upon a cash based society and has been making a number of changes to the system to help migrate more transactions to digital. IndiaQR is an example of the latest attempt to bring mainstream consumer value propositions to the country.
Concept is not new, nor truly a breakthrough, but does show how fundamental technologies can be re-purposed. IndiaQR lets consumers connect bank account information to a unique QR code that they present at POS. Store owners can either scan using a POS scanner or now simply use and app and scanner on their own phone to collect funds instantly. It is rumored that the solution was built by the global payment networks (Visa and Mastercard) and RuePay.
Significant investments are being made to establish a merchant acquiring network in India that will enable all sorts of next generation end to end payment solutions. These investments are being made by private companies looking to move people quickly to digital payments and then begin to monetize them.
It’s not hard to imagine a world that will enable consumers to simply scan codes when paying each other, paying merchants and or collecting funds in a B2B capacity.