YES Bank Goes Live With UPI Interoperability On CBDC
On August 30, YES Bank stated that the Central Bank Digital Currency (CBDC) app from the Reserve Bank of India (RBI) now supports Unified Payments Interface (UPI) Interoperability.
The YES Bank Digital Rupee app now allows users to complete transactions smoothly by scanning any UPI QR code, according to a statement from the bank.
This initiative is expected to greatly increase the reach of the Digital Rupee and demonstrates the bank’s dedication to advancing digital technologies and offering a variety of transactional choices for users across the country, the bank said. On November 1, 2022, the first pilot for the e rupeeW Digital Rupee-Wholesale Segment started. On December 1, 2022, the first retail digital rupee experiment, known as e rupee-R, was launched.
Retail digital rupee offers aspects of physical money, such as trust, safety, and finality of payment, in a digital format.
(With inputs from Shikha Singh)
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