Payment System Operators (PSOs) that use proprietary QR codes should shift to one or more interoperable QR codes, said RBI on Thursday.

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A committee, headed by Prof. Deepak Phatak, has suggested measures to move towards interoperable QR codes.

"Under section 10(2), read with Section 18 of the Payment and Settlement Systems Act, 2007, RBI, on the committee's suggestions, headed by Prof. Deepak Phatak, has suggested measures to move towards interoperable QR codes," said an RBI statement.

Two interoperable QR codes are operating in the country: Bharat QR and Unified Payments Interface.

Interoperable QR codes make it easier for the customers to make payments, regardless of the app they are using. This development would further amplify the number of acceptance points to millions of customers, making the payments easier across the country.

According to the feedback recommended by the committee, the process of migration towards the interoperable QR codes should be completed by March 31, 2022.

The two interoperable QR codes — UPI QR and Bharat QR — would continue at present, the release added.

The regulator further said that no new proprietary QR codes should be launched by any PSO for any transaction. It said PSOs might take initiatives to increase awareness about the interoperable QR codes.

These measures are expected to reinforce the acceptance infrastructure, provide better user convenience due to interoperability, and enhance system efficiency.

First Published:Oct 22, 2020 10:04 PM IST