Through the YES Bank Digital Rupee app, users will now be able to scan any UPI QR code and undertake transactions in a seamless manner
YES Bank is now live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app.
Through the YES Bank Digital Rupee app, users will now be able to scan any UPI QR code and undertake transactions in a seamless manner, the bank said in a statement.
Wholesale Segment (e-Rupee-W), the first pilot in the Digital Rupee, commenced on November 1, 2022. It was followed by the first pilot for retail digital rupee (e-Rupee-R) was announced on December 1, 2022.
Features of physical cash like trust, safety, and settlement finality are offered by the retail digital rupee in a digital mode.
For conducting transactions, this initiative introduced a digital currency system built on a unique QR code mechanism, it said.
Adding that this strategic move enhances not only the strengths of the e-rupee but also seamlessly integrates with the widely-adopted UPI system, which presently has an overall merchant base of 150 million, it said that e-Rupee will gain a broader platform by integrating CBDC with UPI QR codes to become a staple in daily transactions.
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