The Reserve Bank of India has today placed on its website the ‘Report of the Committee for Analysis of QR (Quick Response) Code’. The Committee was constituted by RBI on December 23, 2019 under the Chairmanship of Prof. D.B. Phatak (Professor Emeritus, IIT-Bombay) to review the prevalent system of QR Codes in India for facilitating digital payments and submit recommendations.

The Reserve Bank invites comments / suggestions on the report from all stakeholders and members of public which may be forwarded by email on / before August 10, 2020.

(Yogesh Dayal)     
Chief General Manager

QR code payments should adopt interoperable standards, simplified merchant onboarding and stronger security and controlled interchange incentives. The Committee recommends promoting open, interoperable QR standards (Bharat QR and UPI QR) while phasing out proprietary closed loop QR systems; simplifying merchant onboarding by accepting existing bank account KYC with acquiring banks retaining onboarding responsibility and risk based KYC strengthening; enabling technical standards such as signed and dynamic QR codes, backend merchant resolution via a common registry, multiple UPI IDs per recipient, offline dynamic QR for low value use cases, and third party security testing; and replacing zero MDR with a controlled interchange plus incentives to sustain the payments ecosystem.