alt Hacker NewsIn India there is UPI (Unified Payment Interface), which works with all bank accounts, it's facilitated by the Government and it comes with i. QR Code (Used with strangers and at Merchants) ii. UPI ID iii.And links to phone number.
Anyone can pay to anyone instantly free of Charge. Only limit is it's limited to ~ $1000 payment. The QR code can also be dynamically created by POS terminals containing the total bill amount as well, so upon scanning the amount is auto populated in the payment app, you just have to enter the security pin.
And since it's a Govt. Project, its not limited to just one app, there are lots and lots of apps working on the same system. There is even a VISA/Mastercard credit alternative : RuPay that works within the system.
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In russia there is СБП (translated as FPS = "fast payment system") using the same mechanism, also free for individuals and relatively cheap for businesses
Its limited to about $1000 a day.
The QR is a URI with the ID, amount and maybe other stuff. It's a client-side implementation.
RuPay sure "works within the system" but is pretty much useless for international payments/subscriptions. Not really a VISA/MasterCard replacement.