Current Affairs - Banking - Discussion

The Indian government is planning to mandate a quick response (QR) code based payment method option using Unified Payments Interface (UPI) at all shops. The prime idea behind the proposal of mandatory QR code-based payment is to make digital payment more popular and bring a behavioral change in the ecosystem. The GST council approved the proposal. The move will also provide a GST benefit to both shops and consumers. The govt has for the project roped in National Payments Corporation of India (NPCI) to work on a necessary mechanism to launch it nationally. The QR code payment is reported to have witnessed exponential growth in consumer adoption in ASEAN countries.