No New Proprietary Quick Response Codes To Be Launched By Payment System Operators Says RBI

Reserve Bank had constituted a Committee to review the current system of Quick Response (QR) Codes in India and suggest measures for moving towards interoperable QR Codes. After examining the recommendations and the feedback received, it has been decided that the two interoperable QR codes in existence - UPI QR and Bharat QR - shall continue as at present. 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. No new proprietary QR codes shall henceforth be launched by any PSO for any payment transaction. RBI shall continue a consultative process to standardise and improve interoperable QR codes, to enable beneficial features identified by the Committee. These measures are expected to reinforce the acceptance infrastructure, provide better user convenience due to interoperability and enhance system efficiency.

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