What changed
RBI accepted the Phatak Committee recommendations and decided that existing interoperable QR codes (UPI QR and Bharat QR) will continue. All proprietary QR codes must be migrated to one or more interoperable QR codes by March 31, 2022, and no new proprietary QR codes can be launched. RBI will continue consultations to further standardise and improve interoperable QR codes.
What it means for you
Banks and non-bank payment operators must phase out their own QR codes and adopt UPI QR or Bharat QR. This will reduce fragmentation, lower costs for merchants, and improve customer experience with a single scan-and-pay interface. Operators should plan technology upgrades and awareness campaigns to meet the deadline.
What you must do
- Audit all existing proprietary QR code deployments and identify migration paths to UPI QR or Bharat QR.
- Complete migration of all proprietary QR codes to interoperable standards by March 31, 2022.
- Halt any development or launch of new proprietary QR codes immediately.
- Launch awareness initiatives for merchants and customers on using interoperable QR codes.
- Engage with RBI's consultative process for future standardisation of QR codes.
Who it affects
Banks operating as payment system operators, Non-bank payment system operators (e.g., fintechs, payment aggregators), Merchants using proprietary QR codes, Customers using digital payment apps
What are the two interoperable QR codes that will continue?
UPI QR and Bharat QR are the two interoperable QR codes that will remain in use. All proprietary QR codes must be migrated to one or both of these standards.
What is the deadline for migrating proprietary QR codes?
The migration must be completed by March 31, 2022. No new proprietary QR codes can be launched after the circular date.
Why is RBI pushing for interoperable QR codes?
To reinforce acceptance infrastructure, improve user convenience by allowing any app to scan any QR code, and enhance overall system efficiency.