RBI Bars Payments Firms From Issuing Proprietary QR Codes - 0 views
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John Kiff on 26 Oct 20The Reserve Bank of India barred payment firms from issuing proprietary quick-response (QR) codes and asked them to switch to at least one interoperable QR code to improve ease of use by March 31, 2022. At present, only two interoperable codes exist: the Unified Payments Interface and Bhara. Payments firms also issue proprietary QR codes to merchants that accept digital payments from specific mobile applications, making them unusable for other customers. To curb this, the central bank said no new proprietary QR codes shall be launched by any payment system operator.