The largest Payment Processing and payment card companies such as Visa, MasterCard, and Rupay will reunite to make Cashless India and also provide a unified interface for all merchants, traders and business in India for accepting cashless payments.
However, according to the latest reports, the largest payment processing companies are looking to launch QR code payment mechanism for making cashless India. By January 2017, India will see a massive financial alliance never seen before by introducing QR code payment through payment processing systems like Visa, MasterCard, and Rupay.
The scheme is called as India QR, is the interoperability and openness of the QR code enabled ecosystem. Piyush Goyal, Minister of State for Power, Coal and Renewable Energy is conducting high-level meetings with payment processing organizations, Banks, and Government officials to introduce the scheme by the year 2017.
How QR code system will Work?
Suppose a consumer visits a nearby grocery shop and purchase any soap or rice worth Rs 50, once QR system is available, then the customer will only scan a QR code provide by the merchant on his smartphone and enter the amount. So, the cashless transaction is done by the customer.
On the flipside, the payment processing payment organizations will collaborate with shopkeepers and provide a QR code to him which is directed linked to his bank amount. As soon as the customer makes the payment via QR code, the amount would be directly shifted to the linked bank account. The same thing will happen for customers also.
If you have the Visa, MasterCard and Rupay app then you can make a payment through QR codes through your mobiles.
The renowned payment processing company Visa has already announced a QR code based payment mechanism called mVisa in Bangalore last year. While MasterCard has Masterpass QR service and even Paytm also has a QR code mechanism to send money to another user but only within Paytm accounts.