Banks Offering Digital Rupee Interoperability With UPI

State Bank Of India (SBI), India’s largest public sector bank, announced earlier this week the implementation of UPI interoperability on CBDC for seamless transactions.

According to a press release, SBI has integrated UPI compatibility into its Digital Rupee (e₹), also known as the Central Bank Digital Currency (CBDC). 

“With this move, the bank hopes to provide its customers with unprecedented convenience and accessibility.” This cutting-edge technology, available via the ‘eRupee by SBI’ app, would enable SBI CBDC users to easily scan any merchant UPI QR code for quick and safe transactions,” it added.

List Of Banks That Allow Digital Rupee Interoperable With UPI

  • HDFC Bank
  • Bank of Baroda
  • Punjab National Bank
  • Axis Bank
  • Yes Bank
  • IDFC First Bank

Interoperable Digital Rupee with the UPI capability will ease payment acceptance for merchants by allowing them to accept Digital Rupee payments smoothly. Furthermore, individuals can easily make payments using Digital Rupee at multiple merchants using their existing UPI QR codes.

The e₹-R would be distributed through intermediaries, such as banks, in the form of a digital token representing legal currency. It would be released in the same denominations that paper money and coins are now. 

Furthermore, users will be able to transact with e₹-R using a digital wallet provided by partner banks and kept on their mobile phones or devices. Person to Person (P2P) and Person to Merchant (P2M) transactions are both possible. QR codes shown at merchant locations can be used to make payments to retailers.

Also Read: Using UPI for Daily Payments? Get Complete Information Regarding The Latest RBI Announcement

Stuti Talwar

Expressing my thoughts through my words. While curating any post, blog, or article I'm committed to various details like spelling, grammar, and sentence formation. I always conduct deep research and am adaptable to all niches. Open-minded, ambitious, and have an understanding of various content pillars. Grasp and learn things quickly.

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