Calling the Situation Grim, the Supreme Court Takes Suo Motu Cognizance of Delays in NCLT Approvals  ||  Supreme Court: Admission of a Claim by a Resolution Professional is Not Debt Acknowledgment  ||  Supreme Court: Public Figures Must Exercise Caution as Their Words Have Consequences in Society  ||  SC: State Must Act as a Model Employer, Criticising the Union For Not Regularising ISRO Workers  ||  J&K&L High Court: Minor Minerals Have Major Environmental Impacts and Must be Regulated  ||  Del HC: Unexplained Money Received by Public Servant is Not Bribery Without Proof of Official Favour  ||  Del HC: There is No Absolute Bar on Granting Co-Convicts Parole/Furlough Together in Suitable Cases  ||  Bom HC: LARR Authority Can Examine Limitation Issues in Land Acquisition References under 2013 Act  ||  MP HC: Long-Serving Employees Cannot Be Denied Regularisation by Retrospective Statutory Amendments  ||  J&K&L HC: Routine Challenges to Lok Adalat Awards Defeat Their Purpose of Quick Dispute Resolution    

RBI bars payment system operators from introducing new QR codes - (22 Oct 2020)

Banking

RBI bars Payment System Operators (PSOs) from launching any new proprietary QR code for payment transactions. In order to strengthen the digital payment eco-system and move towards less-cash economy, 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. The decision to continue with the two existing Quick Response (QR) codes was based on the recommendations of the committee. The measures are expected to reinforce the acceptance infrastructure, provide better user convenience due to interoperability and enhance system efficiency.

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 Deepak Phatak Committee. PSOs may take initiative to increase awareness about interoperable QR codes.

QR codes are two-dimensional machine-readable barcodes, which are increasingly used to facilitate mobile payments at the point-of-sale. QR codes can store a large amount of information. Proper standardization process should be adopted by banks and non-bank applications in order to offer ease to the customer in transactions via QR codes. QR codes should be equipped with multi-currency and multi-language support. The directive is issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007.

Tags : QR CODE   BAR   PSO’S  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved