Categories: Banking

RBI bars payment system operators from launching any new QR codes

The Reserve Bank of India has barred Payment System Operators (PSOs) from launching any new proprietary QR code for payment transactions. Currently, there are two interoperable QR codes — UPI QR and Bharat QR.

The decision to continue with the two existing Quick Response (QR) codes was based on the recommendations of the committee which was set up by the Reserve Bank under the chairmanship of Deepak Phatak to review the current system of such codes in India and suggest measures for moving towards interoperable QR codes.

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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. 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.

Important takeaways for all competitive exams:

Governor of RBI: Shaktikanta Das.
Deputy Governors of RBI: BP Kanungo, MK Jain, MD Patra and Rajeshwar Rao.
Headquarters: Mumbai, Maharashtra.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.