New Delhi: The Reserve Bank of India (RBI) has refused to issue a new self-empowered QR code to payment system operators. The decision has been taken by RBI to improve the digital payment infrastructure. RBI says smartphones have become countrywide in this round and QR is becoming the basis of e-payments.
Three QR codes are in circulation in India, India QR, UPI QR and self-rights QR. It can be operated by each other. Currently, India QR and UPI QR are inter-operable (each other's operable), which directly means that any app can read this QR sticker. The RBI decision will bring difficulty in the transit system. The transit system has its own closed-loop payment card system, now they have to shift from card to QR card payment. The Reserve Bank had constituted a committee to consider the possibility and other aspects of the launch of more inter-operable QR codes.
The Chairman of the Committee was Deepat Phatak. After the committee meeting, RBI decided that UPI QR and Bharat QR will be in circulation. The payment companies which want to launch the new QR code are given time up to 31st March 2022 to prepare the operational on one or both of them.
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