New Delhi:
The State Bank of India (SBI) said on Monday that it has implemented UPI interoperability in its digital rupee, dubbed Central Bank Digital Currency (CBDC).
With this step, the bank wants to offer its customers unprecedented convenience and accessibility, SBI said in a statement.
This advanced feature, accessible through the ‘eRupee by SBI’ application, will enable SBI CBDC users to effortlessly scan any merchant’s UPI QR code for fast and secure transactions, the report said.
SBI was one of the first banks to participate in the RBI’s digital e-rupee project in December 2022.
“The seamless integration of CBDC with UPI marks a significant leap for the bank, improving the adoption and use of digital currencies in everyday transactions,” the report said.
This integration will be a game changer for the digital currency ecosystem, the report said, adding that this move is a result of our relentless commitment to push the boundaries of digital innovation to accelerate the transition to a cashless economy. accelerate money.
SBI remains committed to providing secure, efficient and easy-to-use solutions that reimagine how transactions are executed.
By bridging the gap between CBDC and the widely used UPI platform, SBI aims to revolutionize payments in India. With this move into digital payments, the future of CBDC integration looks promising.
(Except for the headline, this story has not been edited by NDTV staff and is published through a syndicated feed.)