QR codes started out as Marketing Experiment. They started as a means to redirect people to websites and the shops address. And some of them started to give the direction on the Google Map. Turns out for them this was far more quicker means to redirect users.
Then comes the QR to pay apps. It started from India with UPI later USA adopted similar protocol with the FedNow and this has now started going mainstream where people have managed to pay for things using the QR apps.
So now we are going to discuss how this can be a good future for the world and how crypto coins making use of the same is going to be helping such apps.
Image Credit: Bharat Pay
UPI to pay Digital but in FIAT
In india, there is this payment system called UPI which has replaced the cash and people now accept more of the online payments than the cash itself. And it has literally connected all the system from the nation. And you can literally avoid cash in metro cities now.
However this is specific to india, and maybe in near future other nations can adopt this protocol. So slowly this would be adopted in the other countries and faster payments would start and we can see the growth in the direction of the payments and also getting paid would be easier.
Crypto needs POS QR Solutions
Currently there are crypto apps which make use of the QR code. You can see the same in the binance and other apps. Which can be for the specific set of the output if you ask me that would work out. However there needs to be stablecoin based app and there needs more singular solution.
A lot of exchanges kind of make it harder to get the conversion and also there are lot of KYC is affecting. So kind of hard for the crypto to keep up with the POS apps. And many apps eventually die too. So we are limited on that part as well. That is what we need in current times.
Stablecoins get Preference
Instead of scrolling through all the coins out there. It would be reasonable to make use of the stablecoins. And so using variety of stablecoin, CBDC is something that would be a norm for the future. And we have no option than to accept some of the same. I'd say new QR apps would make use of the stablecoin and QR crypto soon.
QR Apps are the future, just like for the CBDC and the FIAT. So we have a lot of things to look out for and we have lot of things to explore in this process of how adoption to digital would go from this point onwards.