Crypto news

Yes Bank’s integration with UPI provides a significant usability boost for the digital rupee.

Yes Bank’s recent integration of the Unified Payments Interface (UPI) with the Reserve Bank of India’s (RBI) digital rupee app brings a significant usability boost to the digital currency.

As of August 30, Yes Bank account holders can now utilize UPI QR codes to conduct transactions using the digital rupee.

The UPI, operated by the National Payments Corporation of India (NPCI),

serves as a national payment portal and is utilized by approximately 150 million merchants in India,

further solidifying its role in facilitating digital rupee transactions.

Yes Bank, as one of the initial eight participating banks, played a crucial role in the retail digital rupee pilot project that commenced in December.

This project involved 5,000 participating merchants and 50,000 central bank digital currency (CBDC) users,

resulting in 800,000 transactions valued at $134 million by February.

In November, the central bank initiated a separate pilot program for the wholesale digital rupee.

In an effort to expand the acceptance of digital rupee,

select stores within the prominent Reliance Retail chain now recognize the currency.

A QR code program launched in February enabled this acceptance.

which involved collaboration with ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies.

The integration of the Unified Payments Interface (UPI) with the central bank digital currency (CBDC) represents a significant milestone,

and Yes Bank’s app takes the lead in this integration.

Yes Bank executive Ajay Rajan said in a statement:

“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.”

Related Articles

Back to top button
WP Twitter Auto Publish Powered By : XYZScripts.com