Reuters: The Reserve Bank of India is collaborating with lending institutions to launch new features such as offline transactions for the digital rupee to promote its adoption

2023-09-11 14:29:36

Collection

ChainCatcher news, according to Reuters citing informed sources, the Reserve Bank of India (RBI) is working with lending institutions to launch new features to promote the central bank's CBDC digital rupee. These features include allowing customers to conduct digital rupee transactions offline and linking the digital rupee with India's Unified Payments Interface (UPI). UPI is an instant real-time payment system that allows users to transfer money between multiple banks without revealing bank account details.

The Reserve Bank of India has been urging banks to enable interoperability of the digital rupee with UPI through QR codes. Informed sources say that private lender HDFC Bank is collaborating with technology company IDEMIA to build an offline CBDC transaction version for feature phones.

Currently, India's CBDC retail transaction volume averages nearly 18,000 transactions per day, far below the Reserve Bank of India's target of achieving 1 million transactions per day by the end of 2023.

(Source Link)

Related tags

Reserve Bank of India Digital Rupee

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.