- Interoperable QR Code: New type of QR Code will be used, the decision was taken to secure digital payment
- A draft of the Interoperable Quick Response Code has been created by the RBI to promote digital payments and facilitate the people.
Paytm and Google Pay have become a common practice with the promotion of digital payments by Corona era and PM Narendra Modi. Now both these methods are used for payment from a cart to a big shop. But RBI is going to change these payment methods soon. In order to promote secure transactions in the country, a draft has been prepared to make it necessary to use Interoperable QR Code. It is believed that this plan will be fully implemented from March next year.
Too Many Inappropriate QR Code
The number of digital payments has increased in the Corona era. Due to this, cyber-attacks have also increased. In such a situation, people are not a victim of fraud and so that their transaction can be done in a safe manner, hence the use of new QR code is necessary by RBI. According to the Reserve Bank, payment system operators will have to shift to a QR code system, which can also be scanned by other payment operators. To spread awareness about the new codes, the payment system operators will have to start. Common people will be comfortable and the payment system will also be better than before.
How interoperable QR code will work?
According to the RBI guidelines, it will be necessary for payment companies to use Interoperable QR Code. Interoperable QR will be code that can be read easily. The UPI QR and Bharat QR will continue as before. There are currently three types of QR codes Bharat QR, UPI QR and proprietary QR code in the country.