Axis Bank’s Digital Rupee App Now Offers UPI Interoperability
- ByStartupStory | August 27, 2023
Axis Bank, a prominent private sector bank in India, has unveiled the integration of UPI interoperability functionality within its CBDC app, the Axis Mobile Digital Rupee. This strategic move aligns with the ongoing Central Bank Digital Currency (CBDC) initiative by the Reserve Bank of India.
This feature empowers customers to efficiently utilize the Digital Rupee for making payments through existing UPI QR codes provided by merchants. Moreover, this capability streamlines the process for merchants to accept Digital Rupee payments on their current QR codes, eliminating the necessity for mandatory onboarding.
Rajiv Anand, Deputy Managing Director at Axis Bank, expressed, “As a pioneer in embracing numerous innovative technological advancements, Axis Bank stands committed to delivering solutions that help drive the vision of a Digital India. The introduction of this ground breaking feature of Digital Rupee and UPI interoperability, is poised to drive extensive adoption of the Digital Rupee across the country. The security and speed of Digital Rupee clubbed with the expansive reach and user-friendliness of UPI will bring the best of both worlds to customers and merchants.”
The phased rollout of the UPI interoperability feature on the ‘Axis Mobile Digital Rupee’ app has commenced with Android users and will gradually extend to all Digital Rupee users in the near future. This feature will also remain accessible to whitelisted users in the 26 pilot cities where it is currently being tested.
The ‘Axis Mobile Digital Rupee’ app is available for both Android and iOS devices. This application enables users to load Digital wallets using their linked Axis Bank Savings accounts. They can seamlessly engage in the transfer, receipt, and collection of Digital Rupee from other onboarded users. Furthermore, users can utilize Digital Rupee to make payments through CBDC or UPI onboarded merchant QR codes.
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