RBI bars payment system operators from launching new QR codes
PTI, Oct 23, 2020, 1:26 PM IST
New Delhi: The Reserve Bank on Thursday barred Payment System Operators (PSOs) from launching any new proprietary QR code for payment transactions.
Currently, there are two interoperable QR codes — UPI QR and Bharat QR. QR codes are two-dimensional machine-readable barcodes, which are increasingly used to facilitate mobile payments at the point-of-sale. QR codes can store a large amount of information.
The decision to continue with the two existing Quick Response (QR) codes was based on the recommendations of the committee which was set up by the Reserve Bank under the chairmanship of Deepak Phatak to review the current system of such codes in India and suggest measures for moving towards interoperable QR codes.
UPI QR and Bharat QR shall continue as at present, the central bank said in a notification.
“PSOs that use proprietary QR codes shall shift to one or more interoperable QR codes; the process of migration shall be completed by March 31, 2022,” it added.
Further, the RBI said that no new proprietary QR codes shall henceforth be launched by any PSO for any payment transaction.
The central bank will continue a consultative process to standardise and improve interoperable QR codes, to enable beneficial features identified by the Phatak Committee and PSOs may take initiative to increase awareness about interoperable QR codes, as per the notification.
These decisions, the RBI said, are expected to reinforce the acceptance infrastructure, provide better user convenience due to interoperability and enhance system efficiency.
Japanese company, Denso Wave, invented the QR code in the 1990s.
In India, QR Code Payment Systems broadly support three different types of QR code payments — Bharat QR, UPI QR, and Proprietary QR.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Centre asks states to take steps to reopen medical colleges from or before Dec 1
New COVID-19 guidelines for states issued; to be effective from Dec 1
Siddaramaiah slams Yediyurappa govt over appointments to statutory bodies
Related Articles More
Centre approves amalgamation of Lakshmi Vilas Bank with DBS Bank India Ltd
Sensex plunges 695 pts on profit-booking; Nifty drops below 12,900
Fee on money transfers for US, doesn’t apply to India: Google Pay
As COVID-19 cases spike, financial outlook for airlines dims
Sensex rallies over 300 pts to scale fresh peak in opening session; Nifty tops 13,100
Centuries-old Tuluva ritual of ‘Bhoomipuje Gaddekori’ still performed at Palthadi Village in Puttur
A bike rider dies in a lorry crash : The scene of the accident was captured on CCTV
Moodbidri: Four people drowned in Shambhavi river
1348 new vented dams in K’taka’s coastal districts: J.C. Madhu Swamy
Karavali gets introduced to Japanese ‘kokedama’ art
Trade unions to go on nationwide strike on Nov 26
K’taka COVID-19 update: 1630 new cases, 1333 discharges, 19 deaths on Nov 24
Hubballi: Police crack murder case within 24 hours; 2 arrested
Iran diplomat on trial in France over plot to bomb opponents
Cabinet approves MoU between BRICS nations on sports and physical culture