State Bank of India (SBI), HDFC Bank, Union Bank of India, Punjab National Bank, and Bank of Baroda have introduced a new service making payments easier for thousands.
What is UPI QR Code-CBDC Interoperability?
Digital Rupee, an electronic version of the RBI’s Central Bank Digital Currency (CBDC), simplifies payments through UPI QR codes.
How UPI QR Code-CBDC Interoperability Works
Digital Rupee is a digital version of paper money. Users can make payments by scanning any UPI QR code.
Easy Payments with UPI QR Codes
Bank of Baroda (BoB) Executive Director, Joydeep Dutta Roy, explains that customers can now use their digital Rupee wallet to make payments by scanning any UPI QR code, simplifying transactions for both customers and shopkeepers.
Accelerating Digital Currency Adoption
The UPI QR Code-CBDC interoperability will encourage the use of digital currency and strengthen its acceptance at shops.
Making Transactions with CBDC
Digital Rupee is currently in the pilot project stage and can be used by those included in the e-Rupi network through their bank’s Digital Rupee App.
Transactions are initiated by loading money into the Digital Rupee wallet, which can be used for payments.
How to Use the Digital Rupee App
To get started, download the Digital Rupee App, register with your mobile number (linked to your bank), create a wallet PIN,
and choose your verification method (fingerprint or face unlock).The app offers options to Send, Collect, Load, and Redeem digital notes.
Using the App
To deposit money into your digital Rupee wallet, click ‘Load.’ Unlike UPI, money isn’t deducted directly from your bank account; it must be loaded into the wallet first. To send money or use a QR code, click ‘Send.’
Banks Offering CBDC-UPI Interoperability
Several banks, including Bank of Baroda, Punjab National Bank, Kotak Mahindra Bank, HDFC Bank, Yes Bank, Axis Bank, and Union Bank of India, are offering CBDC-UPI interoperability to their customers.
