Founded in 2013, PayQR was a pioneering Russian startup that aimed to revolutionize the retail payment process. Its mobile application allowed users to link their bank cards and make instant payments in stores, restaurants, and online by scanning a QR code, eliminating the need for physical cards or cash. The service also integrated features like loyalty programs and digital receipts. Despite raising venture capital and establishing numerous partnerships, the company ceased operations in 2017, citing challenges in achieving a sustainable business model amidst a competitive market.