Digital money transaction! Now digital money transactions will be done through UPI, SBI started service, know how you will benefit?
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The country’s largest bank State Bank of India (SBI) has given the facility of Central Bank Digital Currency (CBDC) i.e. digital currency payment to its customers through UPI. SBI has started UPI QR code scan service for this.
It has been named UPI Interoperability. With this initiative, now crores of people will be able to do digital rupee transactions directly through UPI. This new service from India’s largest bank is expected to increase the usage of digital money.
The Reserve Bank of India had introduced digital currency some time ago. CBDC is based on the same blockchain technology on which cryptocurrencies work. CBDCs differ from cryptocurrencies in that they will have the same sovereign guarantee as fiat currencies. There will be no charge for transactions made through e-Rupee or e-Rupee wallet. E-Rupee Wallet can be opened free of cost and there is no requirement to maintain minimum balance.
Launching the service today, State Bank said that this feature of the eRupee by SBI application will enable SBI CBDC users to easily scan the UPI QR code of any merchant for faster and safer transactions. HDFC Bank, Canara Bank, Axis Bank and Yes Bank have already started this service.
beneficial to customers
Making UPI interoperable with digital rupee will greatly benefit the customers. They will get another option of payment. Customers can avail this service through the eRupee by SBI app. With the help of this app, users can make digital rupee payments directly by scanning the UPI QR code at any shop or anywhere. Integrating CBDC with UPI will increase the usage of digital currency among the people.
The announcement was made in the last budget.
Finance Minister Nirmala Sitharaman had announced the introduction of CBDC in the budget for the financial year 2022-23. The Reserve Bank of India has started testing a central bank digital currency from December 1, 2022. At present, almost all the major banks along with the private sector banks have joined the CBDC. Joining SBI is special because it is way ahead of all other banks in terms of customer base, number of branches and reach in remote areas.
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