Live Digital eRupee P2M transaction (Select users)

[jack333]

Still cannot understand what is the advantage of Digital Rupee for consumers over their bank accounts, which will give them at least some interest. The end functionality will be same in case of both.

I think they will now make upi payments chargeable and this digital rupee payments will be free

 

[mukundstud]

I think they will now make upi payments chargeable and this digital rupee payments will be free

This is a possibility. Even now, many offline merchants who work on high volume-low margins are wary of the newly introduced MDR charges for credit card UPI Transactions. Digital Rupee can be a possible alternative for them. But it has to have as high penetration in payments market as UPI, which is difficult to achieve given the possible inconvenience of using it.

 

[anonymuos]

Doesn't look like e₹ app transactions will give any cashback and I am addicted to chindhi cashback of ₹3 from CRED on payment of ₹30 so not very useful at the moment. 🤣

 

[bugmenot]

I have found ICICI e₹ APK. DM me if you want.

Disclaimer: I have not used it and I am not responsible for that APK if it does any damage to your device while using the APK.

 

[bugmenot]

Want to be part of IDFC FIRST Bank e-rupee movement? Sign up now

Central Bank Digital Currency (CBDC)

Central Bank Digital Currency (CBDC), is a legal tender issued by the Reserve Bank of India, also called the “digital rupee. IDFC FIRST Bank is proud to participate in the first pilot of India's CBDC (e₹) digital currency.

www.idfcfirstbank.com

 

[bugmenot]

Download APK from ICICI website

Digital Currency: Invest in Digital Rupee Online - ICICI Bank

Now send and receive digital currency through Digital Rupee Wallet in fiat currency with real-time and secured settlement. Download the 'Digital Rupee App' Now.

www.icicibank.com

 

[Akash Topder]

Live Digital eRupee P2M transaction (Select users):

Please note Change of 25/_ will be credited back to the wallet.

All the best to the lucky customers

From 1st December, 2022. Select users will get a CBDC wallet with digitally printed notes and signatures by rbi Governor.



Today is a big day for both mission Digital India and Financial Inclusion. RBI has rolled out the pilot for Central Bank Digital Currency (CBDC) popularly known as the Digital Rupee. It is said to be an interchangeable, and on par with the sovereign currency.

Good News:

Holders of CBDC won't need a bank account because it is fungible legal money.

KEY FACTS:

- The pilot is rolled out only at select locations in closed user group (CUG) comprising participating customers and merchants.

- The DigitalRupee would be in the form of a digital token that represents legal tender and will be distributed through intermediaries (banks)

- Users will be able to transact with the eRupee through a digital wallet offered by banks and stored on mobile phones/ devices

- Transactions can be both Person to Person (P2P) and Person to Merchant (P2M). Payments to merchants can be made using QR codes displayed at merchant locations.

- It will guarantee the features of physical currency like trust, safety and settlement finality

- However, unlike cash, it will not earn any interest and can't be used for deposits with banks

In the first phase this is piloted with State Bank of India, ICICI Bank, YES BANK and IDFC FIRST Bank in four cities. The second phase, to be rolled out soon, will see Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank joining in.

Read the RBI circular below for better understanding -

Which app is this?

 

[SiddharthR]

One can watch this video to clear doubts and also has answers of many questions discussed over here.

 

[bugmenot]

RBI Governor Shaktikanta Das explains the difference between CBDC and UPI

 

[mukundstud]

Want to be part of IDFC FIRST Bank e-rupee movement? Sign up now

Central Bank Digital Currency (CBDC)

Central Bank Digital Currency (CBDC), is a legal tender issued by the Reserve Bank of India, also called the “digital rupee. IDFC FIRST Bank is proud to participate in the first pilot of India's CBDC (e₹) digital currency.

www.idfcfirstbank.com

I registered myself in the CBDC invitation program through this link on Friday 9th Jan. Though its written that this programme is for customers in Delhi and Mumbai only, I got the invitation yesterday despite living in Lucknow(RBI has stated it will extend the pilot programme to the city soon).

 

[simal]

Would i pay 47rs to a vendor similarly how i pay using UPI? or will it be me giving them 50rs(since we will have fixed denomination notes) and they giving me change in physical form?

Your base is rupee, unlike physical notes, you will not have denominations in digital form. So you will only end up paying exact amount like 47 rs like UPI

 

[bugmenot]

Your base is rupee, unlike physical notes, you will not have denominations in digital form. So you will only end up paying exact amount like 47 rs like UPI

No it will be in denominations. Didn't you see the images in thread?

 

[SiddharthR]

Your base is rupee, unlike physical notes, you will not have denominations in digital form. So you will only end up paying exact amount like 47 rs like UPI

Your base is rupee, like physical notes, you will have denominations in digital form. So you will only end up paying exact amount like 47 rs (20+20+5+2) unlike UPI

 

[anonymuos]

Got the IDFC app invite, loaded ₹500 token (bank account to e₹ wallet), redeemed token (sent back to bank account). While I understand the difference, I see no benefit vs UPI for the time being. If at one point UPI becomes chargeable, this may be useful. But bank accounts give saving interest to make up for whatever UPI charges will be there. Whereas no interest on e₹. It's just like having cash at home but in digital form.

 

[mukundstud]

Got the IDFC app invite, loaded ₹500 token (bank account to e₹ wallet), redeemed token (sent back to bank account). While I understand the difference, I see no benefit vs UPI for the time being. If at one point UPI becomes chargeable, this may be useful. But bank accounts give saving interest to make up for whatever UPI charges will be there. Whereas no interest on e₹. It's just like having cash at home but in digital form.

Can you send me your wallet QR so that I can try sending you ₹1 while having ₹2 / ₹0 in my wallet? I want to experiment what happens when we try to pay someone while having insufficient funds or mismatching denominations.

 

[anonymuos]

Got the IDFC app invite, loaded ₹500 token (bank account to e₹ wallet), redeemed token (sent back to bank account). While I understand the difference, I see no benefit vs UPI for the time being. If at one point UPI becomes chargeable, this may be useful. But bank accounts give saving interest to make up for whatever UPI charges will be there. Whereas no interest on e₹. It's just like having cash at home but in digital form.

Sent you the QR but it is showing "Device registration failed" when I tap "Activate mobile number". App is very glitchy.

 

[mukundstud]

I tried to send Re.1 to @anonymuos with NO money in my wallet. The app showed that I do not have enough balance to perform that transaction, and did not let me proceed further.

 

[mukundstud]

Later, I tried sending Re.1 while having Rs.2 in my wallet(To test what will happen if we do not have matching denominations to perform the transaction). The transaction got processed, stating that Rs.2 have been debited and I will get the change of Re.1 back in my wallet. In the transaction history, the debit of only Re.1 is being shown.

What is being shown in your transaction history @anonymuos ? Is the Credit of Rs.2 and debit of Re.1 being shown in your history, or only the credit of Re.1 being shown?

 

[mukundstud]

Later, I tried sending Re.1 while having Rs.2 in my wallet(To test what will happen if we do not have matching denominations to perform the transaction). The transaction got processed, stating that Rs.2 have been debited and I will get the change of Re.1 back in my wallet. In the transaction history, the debit of only Re.1 is being shown.

What is being shown in your transaction history @anonymuos ? Is the Credit of Rs.2 and debit of Re.1 being shown in your history, or only the credit of Re.1 being shown?

According to my experience, this app works more like a prepaid wallet. First, we have to load money by specifying the amount. The denomination selection happens automatically, but we can select denominations manually if we want to. In case of payment, we can just specify the amount and the denomination selection plus the credit of appropriate denominations as change will happen automatically.

 

[anonymuos]

Later, I tried sending Re.1 while having Rs.2 in my wallet(To test what will happen if we do not have matching denominations to perform the transaction). The transaction got processed, stating that Rs.2 have been debited and I will get the change of Re.1 back in my wallet. In the transaction history, the debit of only Re.1 is being shown.

What is being shown in your transaction history @anonymuos ? Is the Credit of Rs.2 and debit of Re.1 being shown in your history, or only the credit of Re.1 being shown?

Hey finally checked the app. It shows received from you e₹ 1 as the only transaction at 1:44 PM. No other transaction. Sent you back the e₹1. Bankless P2P money transaction. That's one plus point of this even though technically done via a bank app. (Probably there will be an official app from RBI in the future).