State Bank of India (SBI) has introduced UPI interoperability in its Digital Rupee (e rupee), also known as the Central Bank Digital Currency (CBDC). This feature is accessible through the ‘e rupee by SBI’ application and allows SBI CBDC users to scan merchant UPI QR codes for transactions.
SBI’s participation in the RBI’s retail digital e-rupee project in December 2022 paved the way for this integration, to promote the use of digital currencies in everyday transactions.
SBI believes this integration will have a significant impact on the digital currency ecosystem. The bank strives to provide secure and efficient transaction solutions.
This move connects CBDC with the widely used UPI platform, potentially changing the payments landscape in India. It suggests a future where CBDC plays a more central role in everyday financial transactions.
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