Payment system operators can't issue new proprietary QR codes, says RBI

RBI also frames guidelines for self-regulatory organisation for payment system operators

The Reserve Bank of India (RBI) on Thursday said payment system operators (PSOs) who use proprietary QR codes have to shift to one or more interoperable QR codes by March 31, 2022. It also said PSOs cannot issue any new proprietary QR codes for transactions, henceforth.
 

There are two interoperable QR codes at present — UPI QR and Bharat QR. RBI said it will continue consultations over standardising and improving these interoperable QR codes, to enable beneficial features identified by the Phatak Committee. “The measures are expected to reinforce the acceptance infrastructure, provide better user convenience due to interoperability and