Thursday, February 22, 2024

RBI’s Game-Changing Move: Integrating CBDC QR Code with UPI for Seamless Transactions

Seeing the increasing popularity of UPI, the Reserve Bank of India is going to do a big job. Reserve Bank Deputy Governor T Rabi Shankar has given this information. Talking to reporters, he said that the Reserve Bank is planning to make Central Bank Digital Currency i.e. CBDC QR code interoperable with Unified Payment Interface i.e. UPI. Let us know what is the complete plan of the central bank.

What is RBI’s plan regarding CBDC?

Talking to reporters on Thursday, the central bank’s deputy governor T Rabi Shankar said that the central bank is also planning to activate one million customers on CBDC or E-Rupee by the end of this month. Shankar said that our second plan is to make CBDC QR code interoperable with UPI.

E-rupee started last year

Let us tell you that last year, the Reserve Bank of India (RBI) issued an e-rupee as a pilot project. Currently, it has joined a select list of countries that live with CBDCs. E-Rupee first launched wholesale CBDC, followed by retail CBDC in December.

Will benefit from the popularity of UPI

The UPI platform is very popular and has seen steady growth in usage, with QR codes being the most used feature among merchants or peers. Shankar said that the RBI does not have a date to go live with the CBDC other than the current pilot project. He pointed to “gradual and calibrated” change that focuses on internalizing learning as usage increases.

What is Central Bank Digital Currency (CBDC)?

The digital avatar of the rupee is known as the Central Bank Digital Currency (CBDC). It has many advantages. With the help of CBDC, you can make transactions faster and also reduce its cost. It was initially released in a few cities of the country, now the government is planning to give a bigger look to the CBDC.

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