India’s recent decision to remove 500 and 1,000 rupee banknotes from circulation has resulted in long lines at India’s ATM machines and big opportunities for digital payment company MoneyOnMobile (MOMT) . Harold Montgomery, the company’s CEO and chairman, explains that India’s demonetization move is really an effort to push people into using digital payments. MoneyOnMobile is currently operating in 600 cities around India but is looking to expand into more rural, remote villages. India’s decision to pull some banknotes from currency was designed to crackdown on counterfeiting and corruption. Besides, it brings new opportunity for QR Code Payment.

The abolition of the old coins, the introduction of BHIM and payment by 2D barcode(Especially QR Code), each action shows the determination of Indian government to implement cashless payment.

How is QR Code payment special?

Firstly, compared with the commercial mobile wallet, its biggest special feature is that users sweep money payment, and money transfer to the merchant’s bank account directly from the user’s bank account . Users do not need to save money in the phone, which is most suitable for the design of Indian users.

Besides, since Indians have been very vigilant about the safety of technology products, they do not trust mobile wallet so much, and they believe that money is safe to exist in the bank. And QR Code payment won’t reveal any of their own information  and will not save personal information, such as bank account number, card number. Even they loose mobile phone, they can directly contact the associated bank to report loss, which greatly reduces the loss of cards, the probability of stealing.

Moreover, QR Code payment is more compatible, which is jointly developed by MasterCard, American Express, Visa and NPCI (four major bank card payment agencies), and has now collaborated with 16 banks (already The vast majority of banks in India). Users only need to link their own bank accounts and the country QR Code payment. Thus, they can transfer between different banks and multiple accounts.

All in all, it is conceivable that India’s mobile payment will outbreak in this year.