The Yes Bank app has become the first to integrate with the Indian retail CBDC (Central Bank Digital Currency). This digital rupee project started as a pilot in December and has seen various developments and experiments.
On August 30, Yes Bank announced that the Reserve Bank of India’s (RBI) digital currency, the digital rupee, will become more useful. This improvement came about because Yes Bank integrated the RBI digital rupee app with the Unified Payments Interface (UPI). Now, people with Yes Bank accounts can use the digital rupee for transactions by scanning UPI QR codes.
The UPI is a national payment system run by the National Payments Corporation of India (NPCI), a division of the RBI. The NPCI provides the technology for both the UPI and the digital rupee. It’s worth noting that around 150 million merchants in India use the UPI for payments, according to local reports.
We are pleased to share that YES BANK has gone live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app.
With this, users can simply scan any UPI enabled QR Code through the YES BANK Digital Rupee… pic.twitter.com/dXxrerptoC
— YES BANK (@YESBANK) August 30, 2023
“Yes Bank Integrates UPI with Digital Rupee for Enhanced Transactions”
Yes Bank has become the first to connect the UPI with the central bank digital currency (CBDC). An executive from Yes Bank, Ajay Rajan, mentioned that this integration promises more seamless, efficient, and widespread transaction possibilities for their customers. He believes that this change will greatly increase the use of CBDC due to its improved convenience and accessibility.
Yes Bank was part of the original group of eight banks involved in the retail digital rupee pilot project, which began in December. This project had 5,000 participating merchants, 50,000 CBDC users, and conducted 800,000 transactions totaling $134 million by February. Additionally, a separate pilot for wholesale digital rupee was launched in November.
Some stores within India’s significant Reliance Retail chain have already started accepting the digital rupee. This acceptance began in February and is made possible through a program that uses QR codes. ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies are also involved in this initiative.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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