CBDC UPI QR Interoperability: Customers will be able to use the Bank of Baroda Digital Rupee app to scan any UPI QR at merchant outlets and transact.
New Delhi. If you are a customer of public sector Bank of Baroda, then there is good news for you. Actually, Bank of Baroda on Saturday started the CBDC UPI QR Interoperability function on the Digital Rupee App for its users.
Through this service of the bank, transactions can be done between customers and shopkeepers without any hindrance. Customers will be able to use the Bank of Baroda Digital Rupee app to scan any UPI QR at merchant outlets and transact.
Additionally, merchants can now take digital rupee payments from customers using their existing QR payment acceptance terminals without joining as a CBDC merchant.
Bank of Baroda’s Executive Director Joydeep Dutta Roy said, “The CBDC UPI QR interoperability will accelerate the adoption of digital rupee among customers and provide comprehensive payment acceptance infrastructure to promote the use of digital rupee among merchants .
Customers can now use the digital currency in their Digital Rupee wallet and scan any UPI QR code to make payments. Similarly, merchants only need to show their existing QR code, which can accept payments in both CBDC and UPI.
By scanning the UPI QR code, the facility of payment with digital money is available in these 5 banks
1.Kotak Mahindra Bank
2.Yes Bank
3.Axis Bank
4.HDFC Bank
5.Canara Bank
CBDC was introduced in the year 2022
The Reserve Bank had conducted a pilot test last year regarding the use of CBDC or Digital Rupee. In the initial phase, wholesale use of CBDC was tested and later retail use was also tested.
What is Digital Rupee?
Let us tell you that Digital Rupee is the digital or electronic form of notes and coins. It is based on blockchain technology. With its arrival you will no longer need to keep notes or coins. You will be able to use this e-rupee for transactions. You have to do this transaction digitally.
