Joydeep Datta Roy, Executive Director, Bank of Baroda said, “The CBDC UPI QR interoperability will accelerate the adoption of digital rupee among customers and provide comprehensive payment acceptance infrastructure to promote the use of digital rupee among merchants. Can use digital currency present in Digital Rupee Wallet
Bank of Baroda on Saturday launched the CBDC UPI QR interoperability function on the Digital Rupee app for its users. Through this service of the bank, transactions can be done between customers and shopkeepers without any hindrance. For customers, this will give ease and convenience of using the Bank of Baroda Digital Rupee app to scan any UPI QR at merchant outlets and transact. In addition, merchants can now accept digital rupee payments from customers using their existing QR payment acceptance terminals, without having to join as a CBDC merchant.
What did the bank say
At the launch, Joydeep Datta Roy, Executive Director, Bank of Baroda said, “The CBDC UPI QR interoperability will accelerate the adoption of digital rupee among customers and provide a comprehensive payment acceptance infrastructure to promote the use of digital rupee at merchants .Customers can now use the digital currency they have in their Digital Rupee Wallet and scan any UPI QR code to pay. Similarly, merchants only need to show their existing QR code, which is both CBDC and UPI Can accept payment in.
Service has been started as a pilot project
CBDC UPI QR interoperability function on Bank of Baroda Digital Rupee App in 26 cities i.e. Delhi, Mumbai, Bhubaneswar, Chandigarh, Ahmedabad, Bengaluru, Hyderabad, Guwahati, Gangtok, Indore, Bhopal, Pune, Lucknow, Patna, Kochi, Shimla, Goa, Jaipur , is being launched for pilot users in Kolkata, Chennai, Ranchi, Nagpur, Visakhapatnam, Varanasi, Pondicherry and Vijayawada. This service will be started for Android users first. After this, soon it will be available for iOS users also.
What is CBDC UPI QR Interoperability?
CBDC UPI QR interoperability is an extension of the CBDC-retail pilot launched by the RBI last year. At present, customers of Kotak Mahindra Bank, Yes Bank, Axis Bank, HDFC Bank and Canara Bank can use this facility.
