Axis Bank New Update: With the launch of this facility, customers will now be able to use digital rupees to make payments through existing UPI QR codes at merchants.
Axis Bank UPI interoperability:Â Axis Bank, one of the largest private sector banks in the country, has today announced the launch of UPI interoperability feature on its CBDC app (Axis Mobile Digital Rupee). This move of the bank is a part of the CBDC (Central Bank Digital Currency) initiative of the Reserve Bank of India (RBI).
With the launch of this facility, customers will now be able to use digital rupees to make payments at merchants with existing UPI QR codes. On the other hand, this feature will also enable merchants to accept payments in digital rupees on their existing QR codes, thereby obviating the on-boarding requirement i.e. using a banking platform.
digital rupee payment
Rajeev Anand, Deputy Managing Director, Axis Bank said, “As a pioneer in adopting several new technological advancements, Axis Bank is committed to deliver solutions that help drive the vision of Digital India.
The introduction of this facility of Digital Rupee and UPI interoperability will be helpful in wider adoption of Digital Rupee across the country. The security and speed of digital rupee, the wide reach of UPI make it a user friendly option. For this reason, this facility will prove to be beneficial for both the customers and the traders.
UPI interoperability functionality on the ‘Axis Mobile Digital Rupee’ app is being rolled out for users in a phased manner. Under this, it is currently being launched on the Android platform. Soon it will be available for all digital rupee users. Initially, it is being made available in 26 cities under the pilot project, after which it will be expanded soon.
use of savings account
He told that the ‘Axis Mobile Digital Rupee’ app will be available for users of Android and iOS devices. It will allow users to load digital wallets using linked Axis Bank savings accounts. Through this, users will be able to transfer or receive digital money from other on-board users. Along with this, he will also be able to use digital rupees to pay any CBDC or UPI on boarded merchant QR.
What is CBDC
The “Digital Rupee” introduced under the Central Bank Digital Currency (CBDC) is a digital initiative of the Reserve Bank of India. It is a legal tender issued by RBI in digital form. Digital Rupee (e₹) is such a system of instant settlement of transactions in digital mode, in which users get facilities like trust, security and instant settlement.
