YES BANK announced that it has gone live with the Unified Payments Interface (UPI) interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app as of August 30, 2023.
Seamlessly, any user can make transactions by scanning the UPI QR code via the YES BANK Digital Rupee app. This interoperability will help expand the reach of e-Rupee, and emphasize the Bank’s commitment to furthering digital innovation and giving an extensive range of transactional options for the user all around the country.
In Q3 FY23, RBI introduced the e-Rupee, an achievement for India in its journey of establishing a robust digital financial landscape, and YES BANK was among the initial four banks that were chosen as pilot banks. The initiative for CBDC is built upon a unique QR code mechanism that performs daily transactions with flexibility and universal adaptability.
This launch will increase the strength of digital rupee and seamlessly integrate with the widely adopted UPI system, which has a 150 million overall merchant base. The design of integration will offer users unprecedented flexibility, helping ensure a smooth and seamless transactional experience without switching between multiple digital platforms.
Mr. Ajay Rajan, Country Head of Digital and Transaction Banking at YES BANK, said, “The transition to an interoperable CBDC platform holds the promise of seamless, efficient, and broader transactional capabilities for YES BANK customers, across individuals and merchants, including MSMEs.”
Also Read: India’s Canara Bank Launches UPI-Linked Digital Rupee App
