RBI Report of the Committee for Analysis of QR Code

Interesting RBI report on how QR codes can help push digital payments more aggressively in India.

The lingo of banking and payments is changing so much.  Sample this recco from the report:

Interoperability and Scalability
(a) Proprietary, closed loop QR codes are a hindrance to an open, interoperable payments ecosystem. There should be a clear plan to phase out proprietary, closed loop QR codes in favour of open, interoperable standards.

(b) Considering the scale of the country, multiple interoperable QR codes should drive the acceptance infrastructure in coming years. A common QR code or single QR across all payment instruments will create greater concentration risk. RBI should encourage multiple
interoperable QR codes like Bharat QR and UPI QR to enablefaster on-boarding of all types of merchants for digital payments.

The paper based QR code is very cost effective (sticker) and does not need any maintenance. In due course, the QR codes will
migrate to the dynamic version (generated from a software with the amount embedded). The payer’s software can handle
multiple interoperable QR codes, allowing the acceptance infrastructure to evolve.



One Response to “RBI Report of the Committee for Analysis of QR Code”

  1. Says:

    RBI Report of the Committee for Analysis of QR Code | Mostly Economics

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