India’s eRupee is coming soon! Transactions via India’s eRupee, the country’s central bank digital currency (CBDC) could become possible anytime soon.
It appears that the Reserve Bank of India (RBI) could soon allow eRupee payments through UPI QR codes. The same has been under development for a while now. It makes sense for UPI QR codes to be integrated with CBDC payments for a seamless experience.
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Make eRupee payments via UPI QR codes
Last week at a G20 event, RBI representatives had claimed that making eRupee payments via UPI QR codes would become possible at the end of July, Doordarshan had reported.
The announcement for CBDC payments through UPI could come in the next few days. Retailers who choose to accept CBDC could simply use their existing UPI QR codes to receive payments.
According to 360Gadgets, State Bank of India, Bank of Baroda, ICICI bank, HDFC Bank, Kotak Mahindra Bank, and Yes Bank are participating in the ongoing CBDC trials with the RBI.
Many merchants are currently helping the RBI test the CBDC. CBDCs work like cryptocurrencies but are directly regulated and issued by a country’s central banks.
The pilot trials for eRupee were launched in New Delhi, Bengaluru, Mumbai, and Bhubaneshwar on December 1, 2022. RBI governor Shaktikanta Das had recently claimed that CBDCs would fundamentally change the way currencies are used in today’s world.
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The need for CBDCs took off during the peak of cryptocurrency usage as countries attempted to crack on unregulated exchanges. Official CBDCs are regulated just like cash, but with less dependency on paper currency.
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