- Customers of Yes Bank may now pay using the digital rupee by scanning QR codes.
- The Yes Bank app is the first to incorporate the UPI with the CBDC, the digital currency.
Yes Bank recently stated that the Reserve Bank of India’s (RBI), the digital rupee, will have improved usage. This will be made possible by the bank’s integration of digital rupee with UPI. Customers of Yes Bank may now use their smartphones to pay for goods and services using the digital rupee by scanning QR codes.
Ajay Rajan, an executive of Yes Bank, stated:
“The transition to an interoperable CBDC platform holds the promise of seamless, efficient, and broader transactional capabilities for YES BANK customers. […] This transformational enabler will facilitate a quantum leap in CBDC usage, driven by the enhanced convenience and accessibility.”
Major Adoption Push
The Reserve Bank of India’s National Payments Corporation of India (NPCI) manages the UPI as a unified payment system for the country. Both the UPI and the digital rupee rely on the infrastructure provided by the NPCI. The UPI is reportedly utilized by over 150 million businesses in India. The Yes Bank app is the first to incorporate the UPI with the CBDC, the digital currency.
The retail pilot initiative began in December, with Yes Bank as one of the eight initial participating banks. The trial had 800,000 transactions worth $134 million by the end of February, with 5,000 participating businesses and 50,000 CBDC customers. In November, an additional digital rupee wholesale pilot program was introduced.
With Yes Bank initiating the integration, other prominent banks in the country are likely to follow suit, further boosting the adoption of the digital rupee in India.
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