Kotak Mahindra Bank adds UPI-Digital Rupee Interoperability feature

1 Sep 2023 , 01:32 PM

As part of the RBI’s CBDC pilot project, Kotak Mahindra Bank announced the addition of a UPI interoperability feature to its digital rupee (e) application on Thursday. Users of the e(rupee)-app may now scan any QR code at businesses to pay for groceries and other daily expenses.

Customers will be able to make payments using the existing UPI QR codes available at merchants using this facility. As of today, the capability is available for Android users.

‘The ‘e(rupee)’ app enable users to make transactions without disclosing bank account details, supports easy transfers, declutters bank statements to ensure a safe and regulated interface, and makes the experience seamless,’ stated Kotak Mahindra Bank in a statement.

To date, 13 banks have joined the RBI’s test program, and users in 26 cities have access by invitation only. Once the interoperability function is stable, the RBI may make Digital Rupee [e(rupee)] available to anyone anytime soon. According to RBI regulations, the Digital Rupee is legal tender in India, and its interface with UPI will boost digital currency use even further.

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