Among the banks which have introduced interoperability with UPI on their eRupee app are Axis Bank, Canara Bank, HDFC Bank, Kotak Mahindra, and Yes Bank. However, an ecosystem needs to be built for the retail adoption of the digital Rupee.
As per CBDC tracker, almost 105 countries representing 95 percent of the world s GDP have taken steps to inculcate digital currency in their ecosystem.
Anuj Ranjan, the top general manager of the RBI s fintech division, reportedly stated that the pilot project has moved pretty nicely in a closed-user group and that the number of users is gradually increasing when speaking at an event at the Indian Merchants Chamber.
RBI has already launched the Central Bank Digital Currency CBDC-W and CBDC-R on a pilot basis for the Indian market. CBDC-W and CBDC-R refer to wholesale and retail, respectively.
Unlike digital Rupee, UPI is just an interface used for making transactions based on physical currency. Digital Rupee is just another form of currency akin to fiat currency.