YES Bank launches UPI interoperability on CBDC
By siliconindia | Wednesday, 30 August 2023, 05:15:03 PM IST
The Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) app now supports Unified Payments Interface (UPI) Interoperability, according to a statement from YES Bank. Users will now be able to conduct transactions seamlessly by scanning any UPI QR code using the YES Bank Digital Rupee app, the bank stated in a statement. The bank's dedication to advancing digital innovations and offering a wide range of transactional alternatives for consumers across the country is underscored by this initiative, which is expected to greatly increase the reach of the Digital Rupee (e), according to the statement.
The first pilot in the Digital Rupee -Wholesale Segment (e rupees) commenced on November 1, 2022. It was followed by the first pilot for retail digital rupee (e rupee-R) was announced on December 1, 2022. Retail digital rupee offers features of physical cash like trust, safety, and settlement finality in digital mode. This initiative introduced a digital currency system built on a unique QR code mechanism for conducting transactions, it said.
As the realm of digital transactions evolves, the statement said, the need for flexibility and universal adaptability becomes very important, it said. By integrating CBDC with UPI QR codes, the e-rupee gains a broader platform to become a staple in daily transactions, it said, adding that this strategic move enhances not only the strengths of the e-rupee but also seamlessly integrates with the widely-adopted UPI system, presently having an overall merchant base of 150 million.
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