The State Bank of India (SBI) has announced the implementation of Unified Payments Interface (UPI) interoperability with the digital rupee, also known as Central Bank Digital Currency (CBDC).
Through this initiative, SBI aims to provide convenience and convenience to its customers. Accessible through the ‘eRupee by SBI’ app, the feature enables users to easily scan any merchant’s UPI QR code to make a transaction.
SBI is one of the first few banks to participate in the RBI retail digital e-rupee project.
Unified Payments Interface (UPI) is India’s mobile-based fast payment system that helps customers make instant 24/7 payments using virtual payment addresses (VPAs) created by customers. The UPI payment system is very popular for retail digital payments in India and its adoption is growing rapidly.
“The seamless integration of CBDC with UPI marks a major leap forward for banks, increasing the acceptance and usage of digital currencies in everyday transactions,” SBI said in a release. “Banks believe this integration will transform digital currencies.” The rules of the game for the ecosystem.”
“By bridging the gap between CBDC and the widely used UPI platform, SBI aims to revolutionize payments in India. With this move in the digital payments space, the future of CBDC integration seems promising.”
The digital rupee, also known as the Central Bank Digital Currency (CBDC), was launched on a trial basis by the Reserve Bank of India on December 1, 2022. In the 2022-23 Federal Budget, Finance Minister Nirmala Sitharaman announced the launch of a digital currency known as a Central Bank Digital Currency (CBDC).
A CBDC is an electronic form of sovereign currency. Like cash, it doesn’t earn any interest, but can be converted into other forms of money, such as bank deposits.
Svlook
