The Reserve Bank of India (RBI) is working on a plan for interoperability of the QR code of Central Bank Digital Currency (CBDC) with UPI payment.
New Delhi. The popularity of Unified Payments Interface (UPI) is increasing in the country. At the same time, the Reserve Bank of India (RBI) is planning Central Bank Digital Currency (CBDC) for interoperability with UPI. Reserve Bank Deputy Governor T Ravi Shankar has given this information.
T Ravi Shankar in Moneycontrol Startup Conclave said that around 9 banks have already implemented CBDC system and another 3-4 banks are trying it.
CBDC was introduced in the year 2022
The Reserve Bank had conducted a pilot test last year regarding the use of CBDC or Digital Rupee. In the initial phase, wholesale use of CBDC was tested and later retail use was also tested.
What is digital rupee
Explain that digital rupee is a digital or electronic form of notes and coins. It is based on blockchain technology. With its arrival, you will no longer need to keep notes or coins. You will be able to use this e-rupee for transactions. You have to do this transaction digitally.
