Recently, Reserve Bank of India (RBI) is taking every step to prevent Online scams and banking frauds. As the attention the Chinese hackers turned completely towards India, the Government is aiming to keep things secured. At the beginning of this month, RBI has issued new rules to the debit and credit cards to make online payments even more secure and convenient. Now few more rules came into picture.
As on October 22, the RBI barred Payment System Operators (PSO’s) from issuing any new proprietary Quick Response (QR) code for payment transactions. RBI has asked all the payment firms to switch to at least one interoperable QR code by 31 March 2022, to aid electronic payments. Unified Payments Interface and Bharat QR are the only two interoperable QR codes at present.
The main aim of RBI is to streamline QR codes to make all the payments. All the above measures are to create awareness in interoperability and to enhance system operations.