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SBI Rolls Out UPI Interoperability In Its Digital Rupee Mobile App
A branch of the State Bank of India.(Representative Image).
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.
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