The Digital Rupee, which is the central bank digital currency for the Reserve Bank of India, will find itself with enhanced usability- as mentioned by Yes Bank on the 30th of August. This was due to the integration of Yes Bank of the Unified Payments Interface with the RBI digital rupee app.
Now, the account holders of Yes Bank would be able to make transactions with the rupee by simply scanning the UPI QR codes. The UPI, for those wondering, is simply a national payment portal, which is operated by the National Payments Corporation of India, which is a division of the RBI. The NPCI, for those wondering, provides the massive infrastructure for both the digital rupee, as well as the UPI. The UPI, according to official reports, is being used by 150 million merchants in India.
Digital Rupee To Be Integrated With Yes Bank Through UPI
The app of Yes Bank has marked its first integration of the UPI along with the central bank’s digital currency. According to Ajay Rajan, the executive for Yes Bank, the very transition to an interoperable platform for CBDC does hold the promise for seamless, broader, and efficient transactional capabilities for the customers of Yes Bank.
For those wondering, Yes Bank was initially one of the eight original participating banks in the pilot project for the retail digital rupee, which was launched in December. The project had enlisted close to 5,000 participating merchants, along with 50,000 CBDC users- and had further carried out around 800,000 transactions which had a worth of $134 million. According to reports, the digital rupee is already being accepted at a few stores in the large Reliance Retail chain in the country through a program that uses QR codes.