BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home FINANCE

Indian Bank Streamlines Digital Rupee with UPI Integration

by BlockNews Team
September 7, 2023
in FINANCE, MEDIA, SOCIAL
Reading Time: 4 mins read
A A
1
SHARES
12
VIEWS
Share on XShare in TelegramShare on Reddit
  • Yes Bank has added UPI compatibility to the RBI’s Digital Currency app, broadening the reach of the Digital Rupee.
  • Yes Bank customers can now complete transactions by scanning any UPI QR code with the bank’s Digital Rupee app.
  • Yes Bank’s Head of Digital & Transaction Banking, Ajay Rajan, intends to make electronic transactions as simple as managing cash.

Indian Yes Bank has integrated unified payments interface (UPI) support to the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) app.

“This move is set to expand the reach of the Digital Rupee significantly and underscores the Bank’s commitment to driving digital innovations,” it said.

Yes Bank Aims for Seamless Digital Rupee Transactions

According to the release, users will be able to execute transactions by scanning any UPI QR code using the bank’s Digital Rupee app.

In India, UPI transactions are quite popular. According to a recent Economic Times study, over 260 million Indians have used the technology for payment. UPI transactions are made between banks.

When a user chooses to use UPI, it does not immediately transfer money like physical cash. Instead, banks transfer funds regularly through settlements.

The digital rupee, on the other hand, ensures settlement and is legal money issued by the government. The use of digital currency eliminates the need for middleman banks in transactions.

According to the Yes Bank website, digital rupee, like regular fiat currency, can be used in various ways. Users can transfer digital rupees to another person using a virtual payment address (VPA) or a registered phone number. They can also generate a set number of QR codes and send them to another person as a “collect request.”

Yes Bank expects the integration to boost its already rapid adoption in India further: “By integrating CBDC with UPI QR codes, the e₹gains a broader platform with the goal of becoming a staple in daily transactions.”

Yes Bank’s Country Head of Digital and Transaction Banking, Ajay Rajan, wants users to find their services as simple as managing actual currency. “Our aim is to ensure that the ₹e is more than just another type of currency,” Rajan stated.

In December 2022, the RBI launched the first retail trial of the digital rupee. The RBI states that the e-rupee provides “Features of physical cash like trust, safety, and settlement finality. It will earn any interest, just like physical cash.”

India’s Call for Global Crypto Regulation

The Indian government has recently advocated for international agreement on cryptocurrency rules.

Indian Prime Minister Narendra Modi has emphasized the significance of having similar laws for cryptocurrencies ahead of the next G20 Summit in Delhi, drawing a parallel to global aviation norms.

Over the past year, India has held workshops aimed at a better understanding of how cryptocurrencies work. The emphasis has switched from only examining the impact of cryptocurrency on financial stability to a broader examination of the global economy.

Modi agrees that different countries’ international regulations offer a challenge to the global economy:

“We haven’t stopped ideating on how we should move ahead. We have also come up with tangible details on the way ahead and how quickly we need to move. So, our road map is detailed and action-oriented.”

Tags: Digital RupeeIndiaUPI
TweetShareShare
Previous Post

Bitcoin Price Prediction: Where Could BTC Reach After Halving?

Next Post

Story Protocol Launches IP Ownership Network with $54 Million in Funding

DON'T MISS THESE! HOT OFF THE PRESS

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?
CRYPTO

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

July 18, 2025
Here’s Why Dogecoin’s Jumping Again Today
CRYPTO

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth
CRYPTO

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance
CRYPTO

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing
CRYPTO

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself
CRYPTO

Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

July 18, 2025
Load More

Related News

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

July 18, 2025
Here’s Why Dogecoin’s Jumping Again Today

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve Finance FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.