UPI QR Code Scan through Digital Rupee: Many big banks of the country like State Bank of India, Punjab National Bank (PNB), HDFC Bank, Union Bank of India and Bank of Baroda (BOB) have started using UPI QR Code Scan through Digital Rupee. The facility of payment of digital rupee has been provided to its customers.
This facility has been named interoperability. According to the Economic Times report, this system is very simple and has been made very user friendly. First of all, let us know what digital rupee is and how it can be scanned through UPI QR code.
What is digital rupee or e-rupee?
It is noteworthy that Finance Minister Nirmala Sitharaman had announced the release of e-rupee or digital rupee in the budget 2022-23. If put in simple language, e-rupee is the digital version of note currency. It has been issued in electronic form by the Central Bank of Digital Currency (CBDC) of RBI. There are two ways of doing this i.e. Digital Rupee Wholesale and Digital Rupee Retail. CBDC-W is used by many financial institutions and CBDC-R is being used by the private sector, non-financial institutions and businesses.
How can you use e-rupee?
It is worth noting that currently digital rupee is being used as a pilot project. In such a situation, if you have received an invitation from banks to join the e-Rupee network, then you can use it. For this, customers will have to download the Digital Rupee app from their Google Play Store or Apple iOS.
- After this you will have to register yourself through mobile number.
- Keep in mind that the mobile number with which you are registering yourself in the app should be the same SIM installed in your mobile.
- Fingerprint or PIN will have to be selected for further authentication.
- After the login process is completed, you will see a total of four options.
- In this you will see the option of send, collect, load and redeem.
- In digital currency you will get the same denominations as in physical currency.
- On selecting the Load option, money will be uploaded from your bank account to the digital wallet.
- Keep in mind that unlike UPI account, in this mode money will not be deducted directly from the account. First you have to upload the money in the wallet and only after that you can easily deposit digital money by scanning the UPI QR code.
Which banks will facilitate CBDC-UPI interoperability?
- Bank of Baroda
- Kotak Mahindra Bank
- Punjab National Bank (PNB)
- HDFC Bank
- Yes Bank
- Axis Bank
- Union Bank of India
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