Everyone has other payment options like Paytm, Google Pay. For which all you have to do is scan a QR code and your payment is made. The Reserve Bank of India (RBI) has issued an order on Thursday asking to make changes in these payment systems. Let’s know what this new system is.
- According to this RBI order, this draft has been prepared to promote digital and secure transactions in the country.
- According to which the payment system operators will have to shift to a QR code system that can be scanned by other payment operators. The last date to implement this process has been set as 31 March 2022.
- The RBI has prepared a draft to make it necessary for the payment companies to use the Interoperable QR Code.
- Interoperable QR code indicates that no matter what app it is, it can easily read this QR sticker. Currently, there are three types of QR codes Bharat QR, UPI QR and proprietary QR code in the country. The top bank says that UPI QR and Bharat QR will continue as before.
The Reserve Bank says that to spread awareness about interoperable QR codes, payment system operators have to start. Due to the interoperability, the common people will be comfortable and the payment system will also be better than before. RBI has also prepared a regulatory framework for this so that different types of payment systems can be easily operated in the country.
Google Pay is a digital wallet platform and online payment system developed by Google to power in-app and tap-to-pay purchases on mobile devices, enabling users to make payments with Android phones, tablets or watches.
Google’s digital payment platform Google Pay hit 67 million monthly active users in India, driving transactions worth over $110 billion on an annualised basis with hundreds of thousands of offline and online merchants.
Paytm is an Indian e-commerce payment system and financial technology company, based in Noida, Uttar Pradesh, India.Paytm is currently available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code.