Although we have a variety of
payment methods such as debit cards, credit cards, internet banking, USSD
(Unstructured Supplementary Service Data) based payment methods Indian government is
trying to implement a new type of method using QRCODES (Quick
Response Code). If everything goes right this will be implemented before January
2017. If this method is implemented there is no need to carry your cards in
your pockets to buy something.
So our new method just uses a
universal app for all bank payments, Basically how this works is that when the
merchant shows you the QRCODE you need to scan that code with the app
you have installed before then the app connects with your credit or debit card
(i.e., direct payment through your card) and transfers the amount instantly to
the shopkeeper. So there is no need to load the amount into the app all the
time.
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