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Yes Bank has teamed up with the Reserve Bank of India to enhance the functionality of the digital rupee. On August 30, Yes Bank revealed that its users can now transact with the digital rupee via QR codes through the Unified Payments Interface (UPI).
UPI is a payment system managed by the National Payments Corporation of India (NPCI), which itself is an arm of the Reserve Bank of India. NPCI is responsible for the backbone infrastructure of not only the UPI but also the digital rupee. In India, the UPI system is no small fry; it's utilized by 150 million vendors as per local media coverage.
This partnership represents the first instance where the UPI has been integrated with a Central Bank Digital Currency (CBDC), in this case, the digital rupee. Ajay Rajan, an executive at Yes Bank, articulated the bank's vision, stating the integration would revolutionize CBDC adoption through amplified ease of transactions and access.
Yes Bank isn't new to the game when it comes to the digital rupee. It was among the initial eight banks that were part of the retail-focused digital rupee pilot that debuted in December of last year. That pilot effort saw an impressive engagement, with 50,000 users and 5,000 merchants carrying out 800,000 transactions valued at $134 million by the time February rolled around.
In a related development, the digital rupee has already found acceptance at several stores belonging to the widespread Reliance Retail chain. This acceptance is the result of a QR code-based program initiated in February, a collaboration that included ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies.
Yes Bank's move adds a fresh layer of utility to the digital rupee, offering a streamlined approach to digital transactions and potentially boosting its adoption across the nation.
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