The Reserve Bank of India (RBI) central financial institution digital foreign money, the digital rupee, may have enhanced usability, Yes Bank announced Aug. 30. This was due to Yes Bank’s integration of the Unified Payments Interface (UPI) with the RBI digital rupee app. Now, Yes Bank account holders will be capable to make transactions with the digital rupee by scanning UPI QR codes.
The UPI is a nationwide cost portal operated by the National Payments Corporation of India (NPCI), a division of the RBI. The NPCI offers the infrastructure for each the UPI and the digital rupee. The UPI is utilized by 150 million retailers in India, according to native press stories.
We are happy to share that YES BANK has gone stay with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app.
With this, customers can merely scan any UPI enabled QR Code through the YES BANK Digital Rupee… pic.twitter.com/dXxrerptoC
— YES BANK (@YESBANK) August 30, 2023
The Yes Bank app marks the primary integration of the UPI with the central financial institution digital foreign money (CBDC). Yes Bank govt Ajay Rajan said in an announcement:
“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.”
Yes Bank was one of the eight original participating banks within the retail digital rupee pilot challenge, which launched in December. The challenge enlisted 5,000 participating merchants and 50,000 CBDC customers and had carried out 800,000 transactions value $134 million by February. A separate wholesale digital rupee pilot was launched in November.
The digital rupee is already accepted at some of the stores within the nation’s giant Reliance Retail chain through a program utilizing QR codes that started in February in conjunction with ICICI Bank, Kotak Mahindra Bank and Innoviti Technologies.