The RBI will make some changes in the apps like Paytm, Google Pay, Amazon Pay, Phone Pay & similar wallets.
Which is if you are transferring money from amazon pay the other person to whom you are transferring should also have the same app otherwise transactions will not be possible.
Government has come up with something to make the transactions as easy as possible.
Interoperable QR codes will solve the problem of downloading so many payment apps for payments.
The two interoperable QR codes—Unified Payments Interface (UPI) QR and Bharat QR—would only be used.
Interoperable QR code will make life very much easy as then you will not carry multiple payment apps in your phone.
Just one app and the transaction would be done within seconds.
There are two ways to make payments:
First is by scanning QR code and then just write the amount and pay.
The second one is Bharatpe QR code in which you can pay directly from your credit or debit card whichever suits you.
The announcement of RBI will not have any major impact on the payment apps as phone pe and Paytm already have interoperable QR code.
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