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PNB customers can now use the PNB digital rupee app to scan the UPI QR code for payment to their merchants or complete a transaction at a merchant outlet, it said. Even if the merchants do not have a CBDC Wallet, PNB digital rupee app users can utilise their CBDC wallets to conduct transactions on the UPI QR of these merchants, it added.
"Why is the average cost of transaction for retail 6%? It is not (because of) technology, technology can be made", said Rabi Sankar, at the Global Fintech Festival. "It's a question of consensus that has to arise globally and a commitment that has to come up on changing these systems (among central banks)."
With the use of this innovative innovation, customers of the SBI CBDC will be able to quickly scan any retailer's UPI QR code for quick and secure transactions.
"The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions. SBI feels that this integration will be a game changer for the digital currency ecosystem," the bank said in a statement.
Shaktikanta Das highlighted key aspects of the three problem statements identified for the 2023 Tech Sprint - illicit finance risks, foreign exchange and technology solutions for currency settlement and technology solutions for multilateral cross-border CBDC platforms.