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Kotak Mahindra adds UPI interoperability feature to its Digital Rupee app
September 01, 2023
Kotak Mahindra Bank on Thursday announced the introduction of a UPI interoperability feature on its Digital Rupee (e₹) application as a part of the RBI’s CBDC pilot project.
Users will now be able to scan any QR code at merchants to make payments for groceries and daily expenses, said the bank in a press release. As of today, the feature is live for Android users.
This feature will empower customers to make payments on the existing UPI QR codes available at merchants, said the bank.
The CBDC-UPI Interoperability feature will take us a step closer to strengthening the vision of Digital India, said Virat Diwanji, Group President and head Kotak Mahindra Bank.
“With the e₹ application, our aim is to encourage a wider adoption of the Digital Rupee (e₹). The convenience, safety and security provided through the application, will support a faster transaction, providing customers and merchants the opportunity to be a part of the digital revolution,” he added.
Till date, 13 banks have become part of RBI’s pilot initiative and users across 26 cities are given access on an invitation-only basis. Once the interoperability feature stabilizes, RBI may open up Digital Rupee (e₹) for all in the near future.
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