New Delhi: India’s largest public sector bank State Bank Of India (SBI) earlier this week announced introduction of UPI interoperability on CBDC for seamless transactions
The bank said in a release, that SBI has implemented UPI interoperability in its Digital Rupee (e₹) also called as Central Bank Digital Currency (CBDC).
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“With this move, the bank aims to deliver unprecedented convenience and accessibility to its customers. This cutting-edge feature, accessible through the ‘eRupee by SBI’ application will empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions,” it added.
Here are other banks that have recently allowed Digital Rupee Interoperable With UPI
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IDFC First Bank
HDFC Bank
Bank of Baroda
Punjab National Bank
Axis Bank
Yes Bank
Digital Rupee Interoperable With UPI feature will simplify payment acceptance for merchants, enabling them to seamlessly accept payments made with Digital Rupee. Moreover, individuals can effortlessly make payments using Digital Rupee through existing UPI QR codes at various merchants.
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The e₹-R would be in the form of a digital token that represents legal tender, distributed through intermediaries, i.e., banks. It would be issued in the same denominations that paper currency and coins are currently issued.
Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices. Transactions can be both Person to Person (P2P) and Person to Merchant (P2M). Payments to merchants can be made using QR codes displayed at merchant locations.
