for 1st point, i think they will still save money that they spend to print money, transport it, security, atm, damaged notes, etc. so should afford to keep mdr 0.1. Regarding the point of MDR, it is possible to levy MDR in Digital Rupee too. In Ethereum/Bitcoin too, we have to pay a transaction fee to transfer funds. Cause in the end, those networks are maintained by miners. In this case, RBI is maintaining the network.
2. Regarding the 2nd point, even Bank Accounts are secured through various Cryptographic Algorithms. They are basically compromised through social engineering/human errors, which is even possible in digital rupee. Even account based transactions are reversible.
3. I agree with this point. eRupee can be useful for transferring funds between large institutions. But I don't see much use of it in consumer space. Have a look at this article explaining the progress of Digital Yuan in Chinese Consumer Space:
China's Progress Towards a Central Bank Digital Currency | New Perspectives on Asia | CSIS
While Beijing has made substantial progress over the past several years in developing a digital renminbi, it still faces many significant challenges preventing widespread use.www.csis.org
It signifies that digital yuan is still facing difficulties in becoming popular among the general public.
-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
Live Digital eRupee P2M transaction (Select users)
- Thread starter Abhishek012
- Start date
mukundstud
TF Premier
Same point with UPI and other cryptocurrencies. Still, they face the cost of maintaining their network.
oh yes, i meant to say that the money that they will save on the operating costs of physical notes, they can use it to fund the cbdc infrastructure, to keep the mdr low or 0.
Abhishek012
TF Pioneer
mukundstud
TF Premier
This will only increase the inconvenience of making payments digitally.
Now, first, we have to select bank notes while making payments, then take back change from the shopkeeper if we no do not have the required denominations with us. Many online payments require to be paid in decimals(like EMI Payments). How will we use eRupee there?
Now, first, we have to select bank notes while making payments, then take back change from the shopkeeper if we no do not have the required denominations with us. Many online payments require to be paid in decimals(like EMI Payments). How will we use eRupee there?
The change will come to app/wallet without shopkeeper doing anything.This will only increase the inconvenience of making payments digitally.
Now, first, we have to select bank notes while making payments, then take back change from the shopkeeper if we no do not have the required denominations with us.
mukundstud
TF Premier
maybe the shopkeeper will go to other shopkeepers to get the change for 50 😅 and then return the balance to you. Or give back 3rs toffee to you 😐This will only increase the inconvenience of making payments digitally.
Now, first, we have to select bank notes while making payments, then take back change from the shopkeeper if we no do not have the required denominations with us. Many online payments require to be paid in decimals(like EMI Payments). How will we use eRupee there?
jokes apart, i really think they have some solution for this, else it would be troublesome to use.
i have no idea 🤣
bugmenot
TF Ace
My wild guess is that there will be a mechanism to split ₹5 digital note into ₹1 or ₹2.
Abhishek012
TF Pioneer
If i am not wrong then let me tell you how it will work.
Suppose, i have Rs50 digital eRupee note in my digital wallet.
Now after scan merchant QR code, we need to enter Rs47 and pay.
After paid. Rs50 digital eRupee note will deducted from my digital wallet and credited to Merchant's digital wallet
and Rs1 and Rs2 digital eRupee note will deducted from Merchant's digital wallet and refunded to my digital wallet.
That's why here showing is screenshot - "Please note Change of 25/_ will be credited back to the wallet" -
@cmg
@ltf4ever
Going by this, if the merchant wallet just have the recently received 50, the wallet has now talk to rbi server to exchange 50 for change and then return it to the user.
If i am not wrong then let me tell you how it will work.
Suppose, i have Rs50 digital eRupee note in my digital wallet.
Now after scan merchant QR code, we need to enter Rs47 and pay.
After paid. Rs50 digital eRupee note will deducted from my digital wallet and credited to Merchant's digital wallet
and Rs1 and Rs2 digital eRupee note will deducted from Merchant's digital wallet and refunded to my digital wallet.
That's why here showing is screenshot - "Please note Change of 25/_ will be credited back to the wallet" -
@cmg
@ltf4ever
what if merchant's wallet doesn't have 1 and 2 notes? connecting to servers will solve this issue, but if this works without internet, then how can they contact the server?
FinoGuy
TF Ace
Then, Govinda... Goovinddaaa.. 🤣 & back to upi
mukundstud
TF Premier
What if the Merchant's Wallet is Empty???😂😂😂
he will return the 50 note that he just received 😐
Abhishek012
TF Pioneer
you mean to say, wallet has now talk to rbi server and RBI will deduct Rs50 digital eRupee note from Merchant's digital wallet and RBI will credit Rs1 and Rs2 digital eRupee note in my digital wallet and Rs20 + Rs20 + Rs5 + Rs2 (total Rs47) digital eRupee note to Merchant's wallet ?
Last edited:
Yup 😂you mean to say, wallet has now talk to rbi server and RBI will deduct Rs50 digital eRupee note from Merchant's digital wallet and RBI will credit Rs1 and Rs2 digital eRupee note in my digital wallet and Rs20 +Rs20 + Rs5 + Rs2 (total Rs47) digital eRupee note to Merchant's wallet ?
mukundstud
TF Premier
A video emerged on YouTube describing the how to use SBI Digital Rupee Wallet App.
Similar threads
