On Monday, India’s public sector bank, the State Bank of India (SBI) declared that it has implemented UPI interoperability in its digital rupee, called Central Bank Digital Currency (CBDC).
SBI eRupee Launch
The largest lender in the country has implemented UPI (unified payment interface) interoperability in its eRupee, also known as Central Bank Digital Currency (CBDC).
This will help in enabling the CBDC-holders to use their digital currency at shops where UPI is accepted.
It appears that the bank aims to deliver unprecedented convenience and accessibility to its customers as SBI mentioned in a statement.
When it comes to this facility, it is a cutting-edge feature, accessible through the ‘eRupee by SBI’ application.
This will further empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions, the statement noted.
A Significant Leap For The Bank
Interestingly, with this initiative, SBI comes amongst the first few banks to participate in the RBI’s retail digital e-rupee project in December 2022.
The statement said, “The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions.”
Further adding that this integration will be a game changer for the digital currency ecosystem, and the move is the outcome of our unwavering commitment to pushing the boundaries of digital innovation to accelerate the transition to a more cashless economy.
In the meantime, SBI remains dedicated to providing secure, efficient, and user-friendly solutions that reshape conducting transactions.
SBI aims to revolutionize payments made in India and this seems to be a step towards that goal by bridging the gap between CBDC and the extensively used UPI platform.
With the implementation of this move, the future of CBDC integration appears promising in the realm of digital payments.
