YES Bank eRupee app gets UPI interoperability
India has been working on a CBDC for years, under the belief that a digital rupee could reduce costs associated with physical cash management, boost financial inclusion, improve efficiency, and encourage innovation in cross-border payments.
YES Bank is one of four lenders to have been picked by the RBI for an eRupee retail pilot, using a unique QR code mechanism for conducting transactions.
Now, users can scan any UPI QR code through the YES Bank Digital Rupee app, expanding the CBDC's reach.
UPI system has a merchant base of 150 million.
Ajay Rajan, country head, digital and transaction banking, YES Bank, says: "The transition to an interoperable CBDC platform holds the promise of seamless, efficient, and broader transactional capabilities for YES Bank customers, across individuals and merchants, including MSMEs.
"This transformational enabler will facilitate a quantum leap in CBDC usage, driven by the enhanced convenience and accessibility.
