That sounds like a very big mistake to me. And a missed opportunity: in some countries, banked work together to develop their own systems. People can send money to each other and pay everywhere with a small app that is not BigTech from the US.
I think there should be such an app in every country; you don't want your payment system to fully depend on US companies.
For physical transactions there's barrier of hardware and network effect - everybody has card terminal. Users expect near 100% acceptance for them to use payment method daily.
If you consider creating own NFC payment app instead of Google/Apple Pay - that's actually possible, but more expensive and often disliked by the users due to inability to easily switch between cards issued by different apps.
It's even better than NFC because a small store can print their QR code on a piece of paper and not need to buy a terminal. Most stores just have the normal card terminal print the QR code and people scan it.
The TWINT app says -- if their promo videos are to be trusted -- "Scan only QR codes from trusted sources and check the receiver of the payment in the next step". That doesn't fill me with confidence :(.
A dynamic QR code could be fine -- they have their app, you're able to bootstrap what is effectively a secure channel between the PoS machine and the app to give the vendor confidence their device has received payment and the consumer confidence that they're paying the right vendor. A static QR code is more challenging, and it sounds like they're putting more weight into social protections than I'm comfortable with -- especially considering a technical solution is possible and exists.
I'm especially wary of the warning that individuals can't have QR codes. Why not? Unless it's part of the social protection. But I can personally accept NFC contactless payments (having opened an account with a suitable provider), and indeed I bought a device which means I can accept chip and PIN payments too.