National, August 2023: Axis Bank, one of the largest private sector banks in India, today announced the introduction of UPI interoperability functionality on its CBDC app (Axis Mobile Digital Rupee). This is a part of the Reserve Bank of India’s ongoing CBDC (Central Bank Digital Currency) initiative.
With the introduction of this feature, customers will be able to seamlessly use Digital Rupee to pay to existing UPI QR codes of merchants. Additionally, this capability will help merchants to embrace the acceptance of Digital Rupee payments on their existing QR codes, eliminating the need of mandatory on boarding.
Commenting on the announcement, Rajiv Anand, Deputy Managing Director, Axis Bank, said, “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 UPI interoperability functionality on ‘Axis Mobile Digital Rupee’ app is being rolled out to users in a phased manner starting with Android, and will be available to all Digital Rupee users in the coming days. This will continue to be available to whitelisted users in 26 pilot cities.
Central Bank Digital Currency (CBDC) “Digital Rupee” is a Reserve Bank of India initiative. Digital Rupee is a legal tender issued by the Central Bank in Digital form. Digital Rupee (e₹) offers features of physical cash like trust, safety and settlement finality with atomicity (i.e. immediate settlement of transactions) in Digital mode.
’Axis Mobile Digital Rupee’ app is available for Android and iOS devices. The app allows the users to load Digital wallets using the linked Axis Bank Saving accounts. Users can seamlessly transfer and receive/ collect Digital rupee from other on boarded users. They can also use the Digital rupee to pay any CBDC or UPI on boarded merchant QRs.