Digital rupee / cbdc / e rupee

[irohitpragya]

many banks have started their digital rupee apps.

 

[irohitpragya]

I urge people to use digital rupee/ e rupee/ CBDC as an alternative to UPI. suppose if ever the UPI server will go down. at least we have another alternative to tackle online payments. only depends on UPI is not enough.

banks are available as on 16-06-2023
HDFC BANK
AXIS BANK
ICICI
KOTAK
INDUSIND
IDFC FIRST
YES
FEDERAL

BOB
UBI
CANARA

 

[Deathsnatcher]

What are the benefits of digital rupee?

 

[irohitpragya]

What are the benefits of digital rupee?

I can say the same as UPI, but not equal to UPI.

UPI is like Baap right now. but RBI is working on interoperable with UPI, which means soon you can pay digital rupee to PAYTM QR, gpay , phonepe. everywhere like UPI does.

 

[hakunamatata]

I urge people to use digital rupee/ e rupee/ CBDC as an alternative to UPI. suppose if ever the UPI server will go down. at least we have another alternative to tackle online payments. only depends on UPI is not enough.

banks are available as on 16-06-2023
HDFC BANK
AXIS BANK
ICICI
KOTAK
INDUSIND
IDFC FIRST
YES
FEDERAL

BOB
UBI
CANARA

But these are still in Pilot program, so you can't even register

 

[irohitpragya]

But these are still in Pilot program, so you can't even register

bro if you have an account with any bank which is mentioned above you can try your luck. in my case my account with icici, sbi when I tried the pilot program was full. but got access to hdfc and idfc first bank.

if you are not able to access it, I request you to wait some time. soon other banks join the program or banks may raise the 50,000 customer bar.

tip-
federal bank just join- you can access it if you have an account
soon pnb is coming

 

[hakunamatata]

bro if you have an account with any bank which is mentioned above you can try your luck. in my case my account with icici, sbi when I tried the pilot program was full. but got access to hdfc and idfc first bank.

if you are not able to access it, I request you to wait some time. soon other banks join the program or banks may raise the 50,000 customer bar.

tip-
federal bank just join- you can access it if you have an account
soon pnb is coming

I too have a/c with ICICI and HDFC, but both are full

 

[irohitpragya]

I too have a/c with ICICI and HDFC, but both are full

yaa, right now it is full. right now indusind, federal bank and axis are not full.

 

[It_is_Naruto]

I got access through HDFC last month... still waiting for the first transaction.
Waiting for more avenues where it can be used ....online or inter-operable with UPI... let's see...

 

[RkrRkr is verified member.]

many banks have started their digital rupee apps.

Little elaborations on the same.

The Indian Government and the Reserve Bank of India have always been in favour of digital payments. They have supported the development of online payment platforms and also their widespread implementation. Now, the Government and RBI have taken a step further into the world of digital finance by launching digital currency. A Digital Rupee or Central Bank Digital Currency (CBDC) is a sovereign currency issued by central bank, Reserve Bank of India.

What is digital currency and how does it work?
Digital currency is an electronic form of money that anyone can use in contactless transactions. Nirmala Sitharaman, the Union Finance Minister, announced the launch of Central Bank Digital Currency (CBDC) in the 2022 Union Budget speech.

According to RBI, the CBDC will be a sovereign currency available in a digital form. Just like normal currency issued by the central bank, CBDC will also appear as a liability on the balance sheet of the central bank.

To put it simply, CBDC is a digital form of the Indian Rupee that you can exchange one-on-one with the fiat currency. Thus, they can be used for the consumer to consumer, consumer-to-business and business-to-business transactions with ease. Now that you know what is digital currency, it’s time to take a look at its features.

Features of digital rupee
The features of Digital Rupee are:

#It is a sovereign currency that the central banks issue with respect to their monetary policy
#This digital currency will be accepted as a legal tender, a medium of payment and a safe store of value for government agencies, businesses and citizens
#It is a fungible legal tender for which individuals will not need a bank account to store
Advantages of digital currency in India
Rupee digital currency has a significant number of benefits over its physical counterpart. They are as follows:

• CBDC is digital in nature; thus, there is no way to damage, burn or tear it physically
• Unlike physical notes, there is no chance of an individual losing them
• They have a longer lifespan as compared to physical forms of currency
• As CBDC is under the authority of the Central Government, it is less prone to volatility as compared to cryptocurrencies like Bitcoin, Ethereum, etc.
• They will help the Reserve Bank of India reduce its expenditure on issuing money and transactions

 

[irohitpragya]

I got access through HDFC last month... still waiting for the first transaction.
Waiting for more avenues where it can be used ....online or inter-operable with UPI... let's see...

i can tell you a secret, if you have Rupay credit card, you can load money in digital rupee via upi then redeem it to savings account. without any charge😉

 

[irohitpragya]

Little elaborations on the same.

The Indian Government and the Reserve Bank of India have always been in favour of digital payments. They have supported the development of online payment platforms and also their widespread implementation. Now, the Government and RBI have taken a step further into the world of digital finance by launching digital currency. A Digital Rupee or Central Bank Digital Currency (CBDC) is a sovereign currency issued by central bank, Reserve Bank of India.

What is digital currency and how does it work?
Digital currency is an electronic form of money that anyone can use in contactless transactions. Nirmala Sitharaman, the Union Finance Minister, announced the launch of Central Bank Digital Currency (CBDC) in the 2022 Union Budget speech.

According to RBI, the CBDC will be a sovereign currency available in a digital form. Just like normal currency issued by the central bank, CBDC will also appear as a liability on the balance sheet of the central bank.

To put it simply, CBDC is a digital form of the Indian Rupee that you can exchange one-on-one with the fiat currency. Thus, they can be used for the consumer to consumer, consumer-to-business and business-to-business transactions with ease. Now that you know what is digital currency, it’s time to take a look at its features.

Features of digital rupee
The features of Digital Rupee are:

#It is a sovereign currency that the central banks issue with respect to their monetary policy
#This digital currency will be accepted as a legal tender, a medium of payment and a safe store of value for government agencies, businesses and citizens
#It is a fungible legal tender for which individuals will not need a bank account to store
Advantages of digital currency in India
Rupee digital currency has a significant number of benefits over its physical counterpart. They are as follows:

• CBDC is digital in nature; thus, there is no way to damage, burn or tear it physically
• Unlike physical notes, there is no chance of an individual losing them
• They have a longer lifespan as compared to physical forms of currency
• As CBDC is under the authority of the Central Government, it is less prone to volatility as compared to cryptocurrencies like Bitcoin, Ethereum, etc.
• They will help the Reserve Bank of India reduce its expenditure on issuing money and transactions

public don't read articles they need simple brief answers. but full marks for the efforts.

 

[VISHESH_BANSAL]

i can tell you a secret, if you have Rupay credit card, you can load money in digital rupee via upi then redeem it to savings account. without any charge😉

@jack333 🤣

 

[RkrRkr is verified member.]

What are the benefits of digital rupee?

In Broader way ,RBI/Government thinking to reduce the dependency on Physical denominations note.(Its long topic)

 

[irohitpragya]

@jack333 🤣

share the joke bro, we will also enjoy

 

[It_is_Naruto]

i can tell you a secret, if you have Rupay credit card, you can load money in digital rupee via upi then redeem it to savings account. without any charge😉

Thanks... I know this 🙂
Its just, as a principle I don't do this.

 

[VISHESH_BANSAL]

share the joke bro, we will also enjoy

You are already enjoying it.
CC to Bank @0%

 

[irohitpragya]

Thanks... I know this 🙂
Its just, as a principle I don't do this.

aah, principles. can't do anything👏

 

[jack333]

share the joke bro, we will also enjoy

He just tagged me to share this little secret of yours 🤣

 

[irohitpragya]

He just tagged me to share this little secret of yours
🤣

it's not mine anymore. I thought he is new to the digital rupee, so he should know the real benefit of the digital rupee @It_is_Naruto