Those QR codes are for a payment method called UPI that is managed by a conglomerate of banks (NPCI), with the blessings of the Reserve bank. Google Pay, PhonePe etc are apps that are interoperable and allow P2P or P2B payments by scanning a code. The payments are instantaneous and free; at least for P2P scenarios. Anyone with a bank account can sign up for any of the UPI apps and generate a QR code using which they can accept payments from anyone and this drastically reduces the effort it takes to join the digital payments economy.
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Those QR codes are for a payment method called UPI that is managed by a conglomerate of banks (NPCI), with the blessings of the Reserve bank. Google Pay, PhonePe etc are apps that are interoperable and allow P2P or P2B payments by scanning a code. The payments are instantaneous and free; at least for P2P scenarios. Anyone with a bank account can sign up for any of the UPI apps and generate a QR code using which they can accept payments from anyone and this drastically reduces the effort it takes to join the digital payments economy.