SBI Introduces UPI Interoperability On CBDC App The move aims to deliver unprecedented convenience and accessibility to its customers
By Teena Jose
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The State Bank of India (SBI) introduces UPI interoperability in its Digital Rupee (e₹), also called Central Bank Digital Currency (CBDC). The move reportedly aims to deliver unprecedented convenience and accessibility to its customers.
Also, as per an official statement, this cutting-edge feature, accessible through the 'eRupee by SBI' application, will empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions.
The fusion of CBDC and UPI will reduce dependence on cash transactions, improving the efficiency and transparency of transactions, it added.
The seamless integration of CBDC with UPI represents a significant advancement for the bank, fostering greater acceptance and utilisation of digital currencies in everyday financial transactions.
As per the bank, this integration will be a game changer for the digital currency ecosystem. By bridging the gap between CBDC and the extensively used UPI platform, SBI aims to revolutionize payments made in India. With this move in the realm of digital payments, the future of CBDC integration appears promising.
"SBI remains dedicated to providing secure, efficient, and user-friendly solutions that reshape conducting transactions," SBI said.
