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YES Bank goes live with UPI interoperability on CBDC
August 31, 2023
YES Bank on Wednesday announced that it has gone live with Unified Payments Interface (UPI) Interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app.
With this move, users will now be able to scan any UPI QR code through the YES Bank Digital Rupee app and undertake transactions in a seamless manner, the bank said in a statement.
This move is set to significantly expand the reach of the Digital Rupee and underscores the bank’s commitment towards propelling digital innovations, and providing a wide range of transactional options for users across the nation, it said. The first pilot in the Digital Rupee -Wholesale Segment (e rupeeW) commenced on November 1, 2022. It was followed by the first pilot for retail digital rupee (e rupee-R) was announced on December 1, 2022.
Retail digital rupee offers features of physical cash like trust, safety and settlement finality in digital mode. This initiative introduced a digital currency system built on a unique QR code mechanism for conducting transactions, it said.
As the realm of digital transactions evolves, the statement said, the need for flexibility and universal adaptability becomes very important, it said. By integrating CBDC with UPI QR codes, the e-rupee gains a broader platform, to become a staple in daily transactions, it said, adding that this strategic move enhances not only the strengths of the e-rupee but also seamlessly integrates with the widely-adopted UPI system, presently having an overall merchant base of 150 million.
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