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.
Most of
us already know that PAYTM and JIO MONEY have introduced QRCODE
based payment, the downside of these PAYTM and JIO MONEY is that
the money which is loaded into the app so the users must have sufficient
balance in their online accounts which is quite annoying to some users.
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.
