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.

Top News

After Yogi’s ‘batenge, katenge’ slogan, PM pitches for unity with ‘Ek hai, toh safe hai’ message

“Coming soon.. 2025”: KL Rahul and Athiya Shetty announce first pregnancy

Mangaluru: Unauthorized bus stops at signals fuel traffic woes and safety concerns

SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt

Will remain active in politics till my last breath: JD(S) patriarch & ex-PM Deve Gowda

BJP calls Congress govt ‘laughing stock’ as ‘samosa politics’ heats up in Himachal

Chikkaballapur: Yoga teacher feigns death by holding her breath, escapes murder bid

Related Articles More

NSE, BSE to be closed on Nov 20 for Maharashtra assembly polls

Sensex, Nifty fall for 2nd day on FII selling; RIL, ICICI Bank major drag

Sensex, Nifty fall over 1 pc, snap two-day rally ahead of US Fed interest rate decision

SC orders liquidation of grounded air carrier Jet Airways’ assets

Home-cooked meals become dearer in October on costlier vegetables

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

NSE, BSE to be closed on Nov 20 for Maharashtra assembly polls

After Yogi’s ‘batenge, katenge’ slogan, PM pitches for unity with ‘Ek hai, toh safe hai’ message

24/7 CT Scan Facility Inaugurated at Dr. TMA Pai Rotary Hospital, Karkala

Bengaluru Police Eye Care Project inaugurated

50-60% cancer cases detected in India annually are preventable, say oncologists

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.