The Reserve Bank of India on 22nd July 2020 has invited comments from public on the report of the committee on the analysis of QR Code to be submitted before 10th August 2020 by email. the report has been published by RBI on its website.
The committee mainly setup for the adoption of QR Code payments has discussed various aspects of the digital payment system such as interoperability, scalability, innovation, awareness, privacy, and security.
Currently, there are three types of QR codes operating. Bharat QR, Unified Payments Interface QR and proprietary QR codes. The committee recommended that the RBI must encourage use of interoperable QR codes such as the Bharat QR and UPI QR.
The committee also recommended that all bank and non-bank applications shall go through a process of standardization to offer a seamless experience to customers and small value merchants may be allowed to access the Bharat QR ecosystem to allow them more payment acceptance options.
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