India’s eRupee central bank digital currency (CBDC) venture is on the verge of taking a significant leap forward. The Reserve Bank of India (RBI) is mounting to enable CBDC payments through the existing Unified Payments Interface (UPI) QR codes. This addition of interoperability to the eRupee CBDC has been under consideration for some time. Given the widespread use of UPI scanners for instant online payments across the country, incorporating CBDC payments into this system would enhance the accessibility and usability of India’s national digital currency.
Representatives from the RBI disclosed during a recent G20 event that the deployment of CBDC payments via UPI QR codes would likely take place by the end of the month. A formal announcement regarding this development is expected around the end of July and may be imminent.
Once implemented, retailers accepting India’s CBDC as a payment option would simply need to extend their existing QR codes to customers, allowing them to scan the codes for smooth and seamless CBDC transactions. Several major state-owned and private banks, including State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and Yes Bank, are actively participating in the ongoing CBDC trials alongside the RBI. Additionally, selected small, medium, and large merchants are also contributing to real-life retail testing to assess the efficacy of CBDC transactions in a commercial setting.
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