The Reserve Bank of India vide its notification dated 22nd October 2020 has directed that the Payment System Operators (PSOs) that use proprietary Quick Response (QR) codes have to shift to one or more interoperable QR codes by 31 March 2022.
The two interoperable QR codes in existence namely UPI QR and Bharat QR – shall continue as at present and no new proprietary QR codes shall hereafter be launched by any payment system operators for any payment transaction.
The Reserve Bank shall continue a consultative process to standardize and improve interoperable QR codes so as to enable beneficial features identified by the Phatak Committee.
Further, these measures are expected to reinforce the acceptance infrastructure, provide better user convenience due to interoperability, and enhance system efficiency.
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