Retail users power up e-Rupee transactions
Central Bank Digital Currency (CBDC), or e-rupee, is gaining traction among retail users, with the Reserve Bank of India widening the scope of participation.
E-rupee worth ₹234.12 crore was in circulation as of March 2024, compared with ₹16.3 crore a year earlier, according to RBI data.
«The multi-fold jump could be due to a few big banks pushing CBDC wallets among their employees,» said a senior banker. «The rise in CDDC transactions could be because the banking regulator has allowed interoperability between CBDC and Unified Payments Interface,» the same person said.
Data show the CBDC circulation was almost entirely in the retail segment, even as wholesale fell sharply to near nil — of the e-rupee circulation, ₹234.04 crore was retail and ₹8 lakh was wholesale. The rise in retail transactions is partly because the RBI has widened the user segment by allowing non-bank payment system operators to offer CBDC wallets.
In the April monetary policy, the RBI governor said: «The CBDC pilots are currently operating with increasing use-cases and participating banks. It is proposed to make CBDC-Retail accessible to a broader segment of users by enabling non-bank payment system operators to offer CBDC wallets. This will also facilitate testing of the resiliency of the CBDC platform to handle multi-channel transactions.»
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