Paytm CEO Declares Merchant QR Code India's Global Payment Innovation Ahead of China
Paytm CEO Vijay Shekhar Sharma claims merchant-side payment QR as India's gift to the world.
Paytm founder and CEO Vijay Shekhar Sharma recently stated that India’s merchant-side QR payment system is one of the country’s major contributions to the world. Responding to a social media post asking what India has given globally, Sharma emphasized that the Paytm QR code, which allows merchants to display a QR code for customers to scan, predates similar systems launched in China.
Sharma explained that while China initially relied on a consumer-side QR model tied to proprietary wallets like Alipay and WeChat, India innovated by making the merchant the QR owner. This enabled instant payments via any UPI-enabled app, linking transactions directly to merchants’ bank accounts. Users praised this approach, noting that it transformed everyday commerce and accelerated India’s move toward a cashless economy.
Market experts and users highlighted the innovation’s impact. Randhir Kumar remarked, “Innovation is not who invented first, but who made it work for millions. Merchant QR in India changed everyday commerce.” Similarly, Anurag Prasoon noted that it “genuinely changed the way we do payment,” reflecting widespread adoption across the country.
Also Read: Japan ‘Always Open’ to Talks With China Despite Taiwan Row: PM Takaichi
Sharma further pointed out that the Paytm QR system was designed for Indian-scale transactions and costs, paving the way for the broader adoption of UPI QR codes. He claimed that this model eventually inspired mobile payment systems across Southeast Asia, distinguishing it from China’s wallet-centric QR approach.
The merchant QR innovation has reduced cash handling, improved transaction security, and enabled seamless payments for millions of small and large businesses alike. Analysts note that this system has been critical in driving financial inclusion and digital adoption in India’s economy.
Experts also underline the global relevance of India’s QR model. Parimal, a digital payments analyst, explained that India’s approach “flipped the model” compared to China by supporting universal payments rather than closed-loop wallets, allowing interoperability across platforms and benefiting merchants and consumers alike.
Also Read: Govt Data Shows Nearly 24,000 Infiltrators Apprehended Since 2014; None on India-China Border
