It’s another day and yet another payment option/technology was launched in India. The newest one to the party is called BharatQR, it’s being launched by the Government of India. BharatQR is like Paytm except instead of using e-wallets, you just need a bank account. It’s pretty clear the Indian government is hell bent on getting most people to transact online. With the explosive growth of Paytm, I’m guessing the government decided it needed it’s own QR-code offering.
I think this is a great move but I think the average user will be even more confused now. Below is a list of electronic payment options that I have compiled in alphabetical order:
- Aadhar Enabled Payment Service (AEPS)
- BharatQR
- BHIM
- Apple Pay and Android Pay (coming soon…)
- Credit/debit card
- E-wallets – Paytm, Mobikwik, etc…
- IMPS
- NEFT
- RTGS
- RuPay
- UPI
- USSD
Yeah, even the most tech savvy person would get confused. I think the government should just wrap AEPS, BharatQR and BHIM into a single app and make that the defacto standard.
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May be it is trying the Darwin’s theory… – Survival of the fittest.