The State Bank of India rolled out its feature of UPI interoperability with the digital Rupee for seamless transactions as part of the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) program.
With this announcement, SBI is focusing on delivering UPI interoperability with the Digital Rupee for seamless transactions. This feature can be accessible through the application ‘e rupee by SBI’ and allows SBI CBDC users to scan any merchant UPI QR code for seamless transactions.
The bank statement said, “The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions. SBI feels that this integration will be a game changer for the digital currency ecosystem.”
The bank anticipates that bridging the gap between CBDC and the widely used UPI platform will strengthen India’s payment ecosystem. “With this move in the realm of digital payments, the future of CBDC integration appears promising,” the bank added.
The digital rupee, known as the Central Bank Digital Currency, was launched by the Reserve Bank of India on a pilot basis on December 1, 2022. In this State Bank of India was the part of pilot banks along with the other four.