Why India launches QR code payment
The abolition of the old currency, the launch of the National Payment Wallet (BHIM), and now the introduction of the national payment QR code, each action shows the Indian government's determination to implement cashless payment.
In order to maximize the development of their own restrictions on competitors, India's commercial mobile payment wallet is not compatible with each other, businesses and individuals can only scan the code when using the same mobile wallet. In this regard, Indian merchants, especially small and medium-sized businesses, have already called for too much burden.
In addition, according to the Indian government's own estimates, there are 57.7 million merchants in Indian society, but only 1.5 million POS terminal. The low POS machine ownership negates the possibility of developing cashless payments based on bank cards.
Commercial mobile wallets charge service fees and are incompatible with each other, and the introduction of POS by merchants increases the burden and thus the exclusion. These factors increase the barriers for merchants and individuals to use cashless payments. In the long run, the Indian government will not hesitate to take great risks and abolish the efforts of the old currency to develop a cashless society. It will stop because of the lack of strong support from mobile payment POS systems.
In this context, the government urgently needs a public (the Indians are more likely to believe in the public), low-cost, widespread, cashless payment methods that can integrate the resources of all parties, and the state pays for the QR code operation.
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