Categories: Business

RBI panel recommends incentives for QR code transactions


RBI panel recommends incentives for QR code transactions

new Delhi. Soon you can get many offers and discounts on transactions through QR codes. In fact, a committee of the Reserve Bank has advocated incentives to promote transactions through such code. QR Code i.e. Quick Response Code is a bar code that contains all the information related to a product, user etc. Which can be scanned and read.

The Reserve Bank committee constituted under the chairmanship of DB Pathak, Professor Emeritus of IIT Bombay, has also advised businesses to give tax incentives on electronic payment acceptance. According to the report on QR codes, offers and discounts have been advised to encourage businessmen and customers, to further increase business between customers in the country through QR code based transactions and electronic means. This report of the committee said that QR codes are a very cheap and effective medium, and it is also very convenient for users. The Reserve Bank has sought suggestions from all sides on this report by 10 August.

The QR code is designed for product tracking, product information, managing documents or marketing needs. The use of these codes has increased considerably due to the ability to collect information and speed up usage. With the help of codes in digital transactions it has been possible to make fast and secure transactions, which is why the government wants to increase the number of such transactions and reduce the pressure of small transactions on banks.

This post was published on July 23, 2020 6:47 pm

Content Team

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