What are the three-way payment companies in India: India launches national payment QR code to strengthen "cashless payment".

According to All Roads News, India has recently taken significant steps to change the payment habits of its citizens after abolishing the old currency and launching the National Payment Wallet (BHIM). The country has now launched the National Payment QR Code, further demonstrating the government's commitment to promoting a cashless society.

This national payment QR code has been developed by the four major credit card payment organisations - MasterCard, American Express, Visa and National Payments Corporation of India (NPCI). It has partnered with 16 banks, covering most of the banks in India. Users can associate their bank accounts with the National Payments QR code and easily transfer funds between different banks and accounts by scanning the code.

It has been reported that when payments are made using the National Payment QR Code, funds will be transferred directly from the user's bank account to the merchant's bank account, eliminating the need to store funds in a mobile wallet. In addition, individuals without smartphones can make mobile payments by dialling *99#.

In November last year, Indian Prime Minister Narendra Modi announced the abolition of 500 and 1,000 rupee notes, which accounted for 86% of the total currency in circulation.At the exchange rate, one rupee is equivalent to 0.1 yuan, making Modi's abolition equivalent to China's abolition of 50 and 100 yuan notes.

According to foreign media reports, within eight hours of the announcement of India's banknote abolition policy, downloads of a US-based mobile financial app called Ola Money increased 15-fold.Within three days, use of the mobile payment app of India's Alipay - Paytm - increased about six-fold, and within a month, an additional four million users started using the Paytm mobile wallet.

In February, Paytm, India's largest payments company, announced plans to invest $89.6 million to roll out QR code payments across the country. The company said that more than 5 million merchants have already adopted QR code payment solutions on Paytm's platform, with QR code transactions accounting for 65% of the total transactions.Its success has also been attributed to the monetary policy introduced by the Indian government last year.

In China, at least four delegates and committee members from Zhejiang have submitted proposals or suggestions to promote the development of a cashless society at the annual two sessions. Xie Shuangcheng, a member of the National Committee and deputy mayor of Hangzhou, mentioned in his proposal that actively promoting the construction of a cashless society has far-reaching significance. It can continuously change people's lifestyles and make life easier, more convenient and smarter, while helping to build a social credit system that effectively identifies, prevents and combats all kinds of illegal activities related to cash transactions, such as bribery and corruption.

On 28 February, when Alipay launched the "cash code" function, Alipay vice president Ni Xingjun said that Alipay aims to promote China's entry into a cashless society within five years, and hopes that each of the user's daily consumption can help them accumulate more credit.