You might have already used digital wallets to pay for your cab rides or phone recharge. To make life even more convenient for you , banks are now going to make it possible for you to replace your credit/debit card and rely on your mobile phone to make payments wherever you would normally use your card.
Banks are planning to use QR codes to authenticate transactions at points where you use credit or debit cards. Once you have linked your credit or debit card to payment apps (from the bank) on your smartphone, you will be able to scan QR codes at the point where you have to pay and pay for any transactions using apps.
You will be able to use this feature even to pay food delivery boys for your home delivery orders.
What you should do:
You will have greater ease of payment going forward. This, however, should not translate into increased and unnecessary expenses. Always monitor what you spend and what you spend on. If it is easy to part with your money, you will end up spending a lot more than usual. Be wary of this,