India’s YES BANK has enabled Unified Payments Interface (UPI) interoperability on the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) app.
This enables users to scan any UPI QR code through the YES BANK Digital Rupee app and make payments seamlessly.
The RBI introduced the Digital Rupee (e₹) in Q3 FY23, as part of its efforts to establish a comprehensive digital financial landscape in India. YES BANK was one of the initial four banks to participate in the pilot phase of the e-rupee.
The e-rupee is a digital currency system that uses QR codes to facilitate transactions. By integrating CBDC with UPI QR codes, YES BANK has made it possible for users to use the e-rupee at a wider range of merchants and businesses.
Ajay Rajan
Ajay Rajan, Country Head – Digital & Transaction Banking at YES BANK said,
“The transition to an interoperable CBDC platform holds the promise of seamless, efficient, and broader transactional capabilities for YES BANK customers, across individuals and merchants, including MSMEs.
This transformational enabler will facilitate a quantum leap in CBDC usage, driven by the enhanced convenience and accessibility. Our aim is to ensure that the e₹ transcends its role as just another type of currency to become a seamless transactional experience for every user.”
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- Source: https://fintechnews.sg/77828/fintech-india/yes-bank-expands-e-rupee-acceptance-with-upi-qr-code-integration/
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