The decision is part of the RBI’s plan to implement a fully interoperable QR code infrastructure in the next few years
Recently the Reserve Bank of India (RBI) announced that Payment system operators in India could no longer issue new proprietary QR codes for mobile payment.
Two interoperable QR codes are currently working in the country: “UPI QR” and “Bharat QR.” As per RBI decision, payment system operators using proprietary QR codes “shall shift to one or more interoperable QR codes, and the bank shall complete the process within the next two years.
Reserve Bank of India(RBI) authorities stated that “No new proprietary QR codes shall henceforth be launched by any Payment System Operator for any payment transaction.” The RBI is working to standardize and improve interoperable QR codes and is expected to reinforce the acceptance infrastructure, provide better user convenience, and enhance system efficiency.
It is assumed that the move is likely to help with the ease of use of mobile payment and improve interoperability among various payment firms, such as Paytm, PhonePe, as well as Amazon and Google’s payment services in the South Asian nation. The RBI claims that it will continue its consultative process to standardize and improve interoperable QR codes.
This decision has been made because, in the past, different Indian companies have issued their own QR codes that are being used across the country’s vast retailing network. Merchants might opt for any proprietary payment codes, while consumers would have to install a variety of payment apps on their phones to do digital transactions.
We’ve reported that the United Kingdom banned credit card payments for online gambling.