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You will soon be able to scan existing QR codes and pay using digital rupee, thanks to interoperability of CBDC and UPI QR codes.
The RBI had launched pilots for the retail digital rupee which can be held or used for transactions in December
In the first pilot of central bank digital currency, few customers have been selected to be a part of the Closed User Group (CUG) in few locations. It can be used to carry out transactions or hold value digitally in the same way as currency notes can.
Private lender HDFC Bank on Thursday said it has onboarded over 1 lakh customers and 1.7 lakh merchants under the Central Bank digital currency (CBDC) pilot programme. The interoperable UPI QR code allows HDFC Bank merchants who have been onboarded on the banks CBDC platform, to accept payments from their customers in the form of Digital Rupee currency, boosting usage of CBDC in day-to-day transactions.
Nearly two dozen central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey, published on Monday.