Reserve Bank of Bank has banned the issuance of the online payment QR codes through the different self-authorize platform. Reserve Bank has decided that the Online payment system should be improved. RBI said that the usage of the smartphone has increased throughout the nation and one of the most popular options for online mobile payment is through the OR codes. Now RBI bans QR codes due to lack of online payment security.
There are many QR codes that are used in India, some of the most popular QR codes are Bharat, UPI and some self-authorized QR’s. These QR codes can be used to do payments any apps i.e., you can use Paytm, PhonePe, GPay to do payment from any of the QR codes.
The Reserve Bank of India’s decision may cause issues in the Transit system. The closed-loop of the transit system may be disturb that may cause to shift off the closed-loop card payment system to the card payment to the QR card system. Reserve Bank of India has made a committee to find out the different aspects and possibilities of creating and introducing more inter-useability and inter-operability of the QR codes.
RBI has made Deepak Phatak, the chairman of the committee. In the meeting of the committee of the RBI, it is decided that the Bharat QR and the UPI QR will remain active. Different Online payment companies who have to launch new QR codes are given an extension time period until March 31st, 2022 for the operation on the active QR codes.
Reserve Bank of India, clearly said that mobile payment companies have to embrace inter-usable or inter-operable QR codes March 31st, 2022. The committee has given the report to the RBI and given the clear statement that Quick Response Codes are cheap, very cost-efficient and productive.
Reserve Bank of India said that the e-payment company should spread consciousness and make people aware of the interoperable QR code payment methods. Because of inter-usability and inter-operable QR codes, anyone can do online payments easily. This will promote the usage of mobile payments or e-payments and can be led to an increase in the number of cashless payments. These are all update about RBI bans QR codes by Paytm, PhonePe & other third Party Payment Services.
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