QR Code Payments

Digital payments are as simple as opening the app, scanning, and paying. The three-step method has formed the backbone of digital payments. The QR code has developed a healthy shopping culture and made it much easier for retailers to take payments than it was previously. However, there was a snag. 

Customers have had to oversaturate their cellphones with payment apps due to multiple Payment System Operators (PSOs) and banks entering the QR code sector. 

Your store exclusively displays Paytm QR codes, and your customers only use PhonePe or Google Pay. So what should your customers do? Should they pull out cash, or if they don’t have any, they go to another merchant with a PhonePe QR code. The RBI overhauled the system to avoid this headache, instructing all PSOs and digital mobile banking to stop creating closed-loop QR codes.

What Is The New RBI Guideline All About?

According to the latest RBI circular, effective March 2022, Interoperable QR will be supported by apps like Paytm, Razorpay, and other digital banking apps. In India, two compatible QR codes are now used: Bharat QR and UPI QR code.

What Benefits Does It Provide To Merchants And Customers?

With this new directive, the preceding example would not be a problem. With a UPI QR code app, you can take payments from any UPI app, regardless of the issuer. You wouldn’t need to have numerous QR codes at the POS or risk losing clients if you did. This eliminates a great deal of inconvenient work and simplifies the complete digital payment environment.

What Has Caused This Shift?

The RBI circular only enforces a proposal that has been in the works since the beginning of 2019. Almost all PSOs and mobile banking apps have already provided merchants with UPI QR codes. The use of interoperable QR codes is expected to fulfill the following goals:

• Make it convenient for clienteles to do business.

• Encourage customers to accept digital payments and promote a cashless lifestyle.

• Assist business owners in streamlining and simplifying payments across the board.

According to various media sources and specialists, this move is in line with the current medical crisis, in which social distance has become the norm. As a result, customers and businesspeople are both apprehensive about exchanging money. 

It has resulted in a massive rise in people utilizing UPI to make payments. UPI payment volumes reached 2.07 billion in October 2020, as per a report by the National Payments Corporation of India, representing a 15.1 percent increase. It also discloses that the overall transaction amount exceeded Rs. 386000 crores, an increase of around 17% in that month. 

What Are The Advantages Of QR Codes?

The advantages of QR (Quick Response) for merchants are as follows:

No Need for Point-of-sale Machines

It is possible to avoid investing in a POS machine by using QR payment codes. UPI QR code app have the same function as a POS machine. Funds are transferred to your bank account when a buyer swipes their card. Money goes to your bank when someone scans the UPI QR code. Besides the initial cost, using a QR code rather than a POS machine saves you money on transaction fees charged by financial institutions for enabling a POS terminal. 

Multiple Payment Options

It is always recommended to diversify the payment choices available to your customers. It boosts sales and increases the value customers get from buying with you.

– Provides Safety

Although the possibilities are slim, some people are hesitant about using their credit cards to pay at a POS machine for fear that someone will steal their personal information. However, no data gets shared with a third party, QR codes avoid this possibility, and as a result, your customers will have more faith in you.


In India, the standardization of QR codes is likely to streamline digital transactions and increase client convenience to unprecedented heights. Businesses may now organize their receipts and better manage their profits and dues, thanks to UPI QR code apps. 

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