There will be plenty of offers on transactions with QR code! Indications from RBI committee
A Reserve Bank committee has said that the government should give incentives to promote transactions between customers through QR (Quick Response) code.
Recommendation to promote transaction from QR Code Recommendation to promote transaction with QR Code
Reserve Bank’s committee recommends the government
Committee was formed to analyze QR code
In the coming days, it is possible that you will get a plethora of offers by doing transactions through QR (Quick Response) code. In fact, a committee of the Reserve Bank has asked the government to give incentives to customers who transact through QR codes. The committee said that it can be a better option to reduce the use of cash in the economy.
What do you recommend?
The Reserve Bank committee, headed by Professor Emeritus DB Pathak of IIT Mumbai, has given suggestions on the QR Code. Along with this, the committee has said that traders who accept payments electronically should be given tax incentives.
This committee, constituted to analyze QR codes, said that the government should also initiate incentive schemes to promote transactions through QR codes in the country and to make it attractive among the people.
Ask for suggestions by 10 August
In this report submitted to the Reserve Bank, it has been said that paper based QR code is very cheap and cost effective. It also does not require maintenance. The Reserve Bank has asked people and other concerned parties to send their suggestions and comments on this report by 10 August.
What is QR Code?
It is a kind of barcode which is read through the machine. Through QR code, payment can be made easily from mobile at various sales centers and shops. Through the QR cord, anyone can make electricity, water, petrol, diesel, grocery goods, travel and many other types of payments. At the same time, the QR code can store enough information in itself. QR code payment system in India works broadly through three modes – Bharat QR, UPI QR and Proprietary QR.
