Reserve Bank bars payment system operators from launching new QR codes
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New Delhi, Oct. 22 -- The Reserve Bank of India (RBI) on Thursday said the payment operators must shift to interoperable Quick Response (QR) codes by March 2022. "Payment System Operators (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," the regulator mentioned.
A committee led by Professor Deepak Phatak suggested various measures for moving towards interoperable QR Codes in the next two years. The two interoperable QR codes in existence - UPI QR and Bharat QR - shall continue, the committee advised.
QR codes are two-dimensional machine-readable barcodes, which are increasingly used to facilitate mobile payments at the point-of-sale. QR...
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