Digital Rupee gets big boost: SBI, six other bank customers can scan UPI QR code and pay via digital rupee. Here is how
The State Bank of India (SBI) has become the seventh bank to implement UPI interoperability in its Digital Rupee (e ₹) also called Central Bank Digital Currency (CBDC). 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," SBI said in a statement.
SBI was among the first few banks to participate in the RBI's retail digital e-rupee project in December 2022.
SBI feels that this integration will be a game changer for the digital currency ecosystem. By bridging the gap between CBDC and the extensively used UPI platform, SBI aims to revolutionize payments made in India. With this move in the realm of digital payments, the future of CBDC integration appears promising.
Customers can now use their digital currency available in their digital rupee [CBDC-R] wallet and scan to pay across any UPI QR code. Similarly, merchants need to only display their existing single QR code, which can accept payments in both CBDC and UPI.
Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC were also among the first set of banks to participate in the phase-wise pilots.
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. As of June 2023, the bank has a deposit base of over Rs. 45.31 lakh crore with a CASA ratio of 42.88% and advances of more than Rs. 33 lakh crore.
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