UPI Allows Accesability of SBI's Digital Rupee By CIOTechOutlook Team

UPI Allows Accesability of SBI's Digital Rupee

CIOTechOutlook Team | Monday, 04 September 2023, 11:09 IST

As part of the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) scheme, the State Bank of India (SBI) has made the NPCI's UPI system compatible with its digital rupee (e). The SBI digital rupee is now available via the 'eRupee by SBI' application. Users may use their smartphones to scan any merchant's UPI QR code for quick and safe transactions.

In December 2022, SBI was one of the first few banks to join in the RBI's retail digital e-rupee programme.

"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. SBI feels that this integration will be a game changer for the digital currency ecosystem," the bank said in a statement.

The bank believes that bridging the gap between CBDC and the widely utilized UPI technology will benefit India's payments industry. This integration will be a game changer for the digital currency ecosystem, according to the company, who said that the move is the result of its unrelenting commitment to pushing the limits of digital innovation to expedite the transition to a more paperless economy.

SBI is committed to developing safe, efficient, and user-friendly technologies that transform transaction processing.