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A new model of economic development in India

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If you go to a street-side vegetable stall in India, there’s likely to be a small sign with a QR code nestled among the fresh produce.

Those codes, which allow real-time digital payments, are part of a lightning-fast financial transformation playing out in the world’s most populous nation.

the combination of smartphones and digital payments has allowed millions of small vendors to trade without cash.

National Payments Corporation of India (NPCI) International chief executive Ritesh Shukla says India’s digital transformation is forging a new model of economic development, which is sometimes framed as an alternative to the approaches of Western countries and China.


https://www.smh.com.au/world/asia/from-stall-to-supermarket-india-s-qr-codes-show-the-future-of-payments-20231220-p5estx.html



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