India’s E-Rupee Adoption Surges as RBI Expands CBDC Use
By Manoj Dharra
Retail adoption of India’s Central Bank Digital Currency (CBDC), or e-rupee, has soared, with circulation reaching ₹234.12 crore in March 2024, up from ₹16.3 crore the previous year. Retail e-rupee usage grew to 5 million by June, supported by 420,000 businesses participating in the CBDC trial.
Experts credit the surge to major banks offering CBDC wallets to employees and the RBI enabling CBDC-UPI interoperability, making it more accessible to consumers. Retail transactions dominate the e-rupee market, accounting for nearly all circulation.
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