Business
SBI Rolls Out UPI Interoperability In Its Digital Rupee Mobile App
Swarajya Staff
Sep 04, 2023, 04:38 PM | Updated 04:38 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The State Bank of India (SBI) has introduced interoperability of Unified Payments Interface (UPI) in Digital Rupee, also known as Central Bank Digital Currency (CBDC).
According to a statement from SBI on Monday (4 September), the new 'eRupee by SBI' application will allow SBI CBDC users to easily scan any merchant UPI QR code for quick and secure transactions.
The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilisation of digital currencies in everyday transactions, the bank added.
“This integration will be a game changer for the digital currency ecosystem,” it further said, reports The Hindu.
The RBI launched the CBDC pilot programme in 2022. The Indian CBDC, which is backed by the RBI, is also known as Digital Rupee. It represents a tokenised digital version of the currency, i.e. Indian Rupee which is issued and regulated by the RBI.
As a part of Reserve Bank of India’s (RBI’s) CBDC pilot project, multiple Indian banks have announced the introduction of Unified Payments Interface (UPI) interoperability feature on the Digital Rupee application.
This means, Digital Rupee app users can scan any QR code to make payments for groceries and daily expenses.
State Bank of India (SBI), Kotak Mahindra Bank, Yes Bank, Axis Bank. HDFC Bank, Canara Bank, among others are live with the inclusion of UPI interoperability, reports Business Today.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.