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Friday, October 23, 2020

RBI's decision! Paytm and Google Pay will change the way you pay, learn new rules

RBI's decision! Paytm and Google Pay will change the way you pay, learn new rules

Digital payments are growing rapidly in the Corona era in the country. People are choosing payment options like Paytm, Google pay. read more.

The draft has been prepared to facilitate digital and secure transactions in the country as per the RBI order. Accordingly, the payment system operators will be shifted to a QR code system which can also be screened by other payment operators. The deadline to implement this process is March 31, 2022.

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The RBI has drafted this to require payment companies to use an Interoperable Quick Response Code. According to the interoperable QR code, you can easily read this QR sticker on any app. The country currently has three types of QR codes, Bharat QR, UPI QR and Proprietary QR. Top bank says UPI QR and Bharat R will continue as before.

The Reserve Bank says payment system operators need to be introduced to spread awareness about inter-operable QR codes. The interoperability will make it easier for the common people. And the payment system will be better already. The RBI has also prepared a regulatory framework for this. So that the country's various payment systems can be easily operated.

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It is noteworthy that in the current era of Koro, people are choosing to do their baking and other transactions online or through mobile. In the Corona era, people have moved towards digital transactions rather than paying in currency notes and cash.


 However, the incidence of fraud has also increased. Even so, the Kovid transition has led people to turn to online and digital payments. The government has also long insisted on increasing online payments. And in Corona's time this idea has helped him.

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