Reserve Bank of India (RBI) is planning to introduce e-rupee currency to popularize the central bank digital currency (CBDC).
As per reports, the RBI has been urging banks to make the e-rupee inter-operable with UPI through a QR code. The interoperability will allow payments to flow via already well-distributed UPI QRs.
On the other hand, HDFC Bank is working with a technology firm IDEMIA to build a version of offline CBDC transactions for feature phones.
CBDC’s new and unique use cases such as its offline mode would facilitate transactions without network connectivity, said Akhil Handa, a top executive at Bank of Baroda.
