Indian banks looking for a bigger stake in digital India via own QR codes

Quick response codes, or QR codes, have had a big impact on India’s digital payment landscape, owing largely to non-banking apps like Paytm, PhonePe, and Google Pay. Now, several banks are making bets on this market by deploying their own QR codes at retail locations, The Economic Times (ET) reported.

While ICICI Bank has led the way with its merchant-facing InstaBiz application, HDFC Bank and Axis Bank have also jumped in.

“In the past, banks would mostly pass on such leads to their fintech partners, but now they are trying to build the tech in-house and keep the customers within their ecosystem,” a senior banker told ET on the condition of anonymity.