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    Home » Big decision of RBI: Paytm, PhonePay, Google Pay will no longer be able to make exclusive QR payments
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    Big decision of RBI: Paytm, PhonePay, Google Pay will no longer be able to make exclusive QR payments

    ShehnazBy ShehnazOctober 23, 2020Updated:October 23, 2020No Comments
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    Paytm PhonePe Google Pay others can NOt use exclusive QR codes RBI rules for interoperable payments
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    After the new decision of central bank RBI, Paytm, PhonePe, GooglePay, AmazonPay and other types of payment system operators (PSO) will no longer be able to keep their exclusive QR code. Exclusive QR code means QR code whose scanning can only be paid through their app. The Reserve Bank of India (RBI) has asked all payment apps to adopt one or more interoperable (used by more than one) QR code by 31 March 2022.

    Will not be able to issue exclusive QR codes

    RBI has instructed that no PSO will launch its exclusive QR code for payment transactions. After this initiative of RBI, customers will be able to pay on any platform through any app. This initiative of RBI will increase system efficiency in the country. Although more PSOs have already adopted interoperable QR code, but there are some who have kept their QR code separate for transactions so far.

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    Two QR codes available in the country

    According to RBI, there are two interoperable QR codes in the country – UPI QR and Bharat QR and both these will continue to run. PSO will increase awareness of interoperable QR codes.

    The decision on the suggestion of the committee

    The Reserve Bank of India formed a committee some time ago to suggest the current status of QR codes and the adoption of standards necessary to adopt interoperable QRs. According to the suggestions given by the gate committee, RBI has said that in the process of improving and standardizing the interoperable QR code, a consultative process will be adopted to increase its benefits.

    Continuous increase in UPI payments

    UPI payments in the country have been increasing continuously for the last two years. This is giving impetus to Prime Minister Narendra Modi’s ambitious plan Digital India Mission. During FY18 and FY20 UPI transactions increased by 13 times and its value by 20 times. In August 2020, Amitabh Kant, CEO of NITI Aayog, said in a tweet that 1800 crore UPI transactions are happening annually.

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    Source: www.financialexpress.com

    #Big #decision #RBI #Paytm #PhonePay #Google #Pay #longer #exclusive #payments

    exclusive qr code google pay payments paytm phonepe qr code payments RBI rbi amazonpay rbi googlepay rbi orderm rbi payment app rbi payment service system rbi paytm rbi phonepe rbi rule upi payments
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    Shehnaz
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    Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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