Mumbai: State Bank of India, the largest lender in the country, has implemented UPI (unified payment interface) interoperability in its eRupee, also known as Central Bank Digital Currency (CBDC). This will enable CBDC-holders to use their digital currency at shops where UPI is accepted.
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Through the ‘eRupee by SBI’ application, SBI CBDC users can seamlessly scan any merchant’s UPI QR code for swift and secure transactions. SBI was an early participant in the RBI’s retail digital e-rupee project in December 2022. The integration of CBDC with UPI represents a significant advancement for the bank, promoting the use of digital currencies in everyday transactions.
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In a statement issued here, the bank said that the integration will substantially impact the digital currency ecosystem and reflects its commitment to advancing digital innovation to promote a cashless economy.
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Last week, Bank of Baroda and Yes Bank announced that it enabled CBDC UPI QR interoperability for pilot users on the Bank of Baroda digital rupee bank.
