Yes Bank has integrated the Unified Payments Interface (UPI) with the Reserve Bank of India’s (RBI) digital rupee. This further marks a pioneering move in the realm of central bank digital currencies (CBDCs).
The integration, announced on August 30, is set to revolutionize the accessibility and usability of the digital rupee. As a result, offering Yes Bank account holders a seamless way to engage in transactions using this innovative currency.
The Digital Rupee Journey and the Power of UPI
Since its pilot launch in December, the RBI’s digital rupee has been a subject of intense interest and experimentation. Also, this latest integration with UPI further represents a pivotal moment in its evolution.
The UPI, a national payment portal operated by the National Payments Corporation of India (NPCI), is a crucial component in this transformation. Supported by the RBI, the NPCI provides the essential infrastructure for both the UPI and the rupee. According to local report, a staggering 150 million merchants across India rely on the UPI for their transactions, highlighting its widespread adoption and utility.
Yes Bank’s Initiative and the Vision
Importantly, Yes Bank’s pioneering move to integrate the UPI with the rupee brings a host of benefits to the table. Account holders can now engage in transactions by simply scanning UPI QR codes, making the process incredibly user-friendly.
Ajay Rajan, an executive at Yes Bank, emphasized the significance of this integration, stating,
“The transition to an interoperable CBDC platform holds the promise of seamless, efficient, and broader transactional capabilities for YES BANK customers. This transformational enabler will facilitate a quantum leap in CBDC usage, driven by the enhanced convenience and accessibility.”
Yes Bank’s Role in Digital Rupee Evolution
Notably, Yes Bank has been at the forefront of the rupee journey, being one of the original participating banks in the retail digital rupee pilot project, which commenced in December. This groundbreaking project enlisted 5,000 participating merchants and 50,000 CBDC users, culminating in a remarkable 800,000 transactions valued at $134 million by February.
In addition to this, a separate wholesale digital rupee pilot was launched in November, further solidifying India’s commitment to digital currency innovation.
Acceptance Across Retail Chains
Notably, the digital rupee has already gained acceptance at select stores within the extensive Reliance Retail chain. This was made possible through a QR code-based program launched in February, in collaboration with ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies.
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