In order to provide some relief from the dilemma of demonetization, government will soon start common QR code payments to support cashless money travel. The government has ordered MasterCard, RuPay, and Visa to have common Quick Response (QR) to help the people, especially vendors, of the country.
Curious about how it will work? Well it is as simple as a child’s play. The vendor will display his QR code which will be scanned by the app. This app will be linked to any of the payment network—MasterCard, RuPay, and Visa. Soon, the money will be transacted in no time to the vendors account. Interestingly, such money transactions will no longer require cards. Isn’t this great?
Well, such cashless transactions are been done by Paytm. Since demonetization, Paytm is out with full form and is establishing its name in the market day by day. However, the transactions done by Paytm are done in its own network. Thus, only those users having Paytm app are eligible for such transactions. This is the only limitation of the app. But the new system will allow everyone to do so, removing all the discrimination to non-Paytm users.
Now this is something that we can call digitization of India. India, in true sense, is developing. Going cashless is no more a matter of worry since QR payments will be implemented soon. This will not only help the country to develop at a great pace but also help in removing the traces of black money from India. Kudos to all those who are leading the country in the right direction.