In a notification released last Friday the National Payments Corporation of India (NPCI) has mandated that every UPI application should be able to scan BharatQR codes and respond to merchant payment requests. The NPCI has said that all banks running UPI applications need to adhere to such guidelines by April 16, failing which transactions will be declined for non-compliance. “Above interoperability features must be enabled by April 16, 2018 by all BHIM UPI apps. The other compliance as per earlier circulars shall continue to be applicable. PSP bank must decline such transactions from non-compliant BHIM UPI apps after 16th April 2018 proactively. NPCI reserves the rights to decline the transactions for such non-compliant apps,” the circular stated. Two things must be noted here. Firstly, this seems to be the most serious push or interoperability that the NPCI has made so far. The threat of being kicked off the system may be the most prudent way to get app makers to comply. While multiple UPI apps support interoperability when it comes to QR payments and peer-to-peer transfers certain outliers still remain. Secondly, the push to integrate BharatQR into UPI apps reflects the banking body's desire to drive digital payments into brick and mortar outlets. Currently, QR codes from mobile wallets like Paytm see wide usage at merchant outlets, BharatQR though can ensure that merchants and customers don't have to rely on a particular payment app or wallet. Merchant apps like Amazon Pay and others have reportedly been otherwise kept out of the mandate since they…
- India To Expand ‘Trusted Sources’ Mandate to Bolster Cybersecurity Across Critical Sectors February 21, 2024
- Flipkart in talks to acquire delivery platform Dunzo: Report February 21, 2024
- You can soon share your Signal username instead of your phone number February 21, 2024
- Deep Dive: Unpacking the Bombay High Court verdict on the Indian government’s proposed Fact Checking Unit February 21, 2024
- RBI increases scrutiny of peer-to-peer lending platforms: Report February 21, 2024
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...