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RBI bans issuing new proprietary QR codes by payment system operators

Shortpedia

Content Team
Image Credit: Shortpedia

The Reserve Bank of India has barred all payment system operators from issuing new proprietary QR codes and suggested measures for moving towards interoperability. The banking regulator, in a notification released on October 22, has asked all payment system operators to switch to at least one interoperable QR code by March 31, 2022. According to RBI, there are the two interoperable QR codes in existence — UPI and Bharat QR.