Page 40 - BANKING FINANCE NOVEMBER 2023

ARTICLE

DIGITAL RUPEE:

A CURRENCY

REVOLUTION

FOR ALL??

T he Indian central bank's digital currency, known accept e-rupees as payment and make a purchase. But in

as the e-rupee, is starting to gain attention.
cities such as Chennai, Jaipur, or Pune, the e-rupee in your
Many of us have received messages from our
wallet is unlikely to be of much use since the network of
banks inviting us to take part in the pilot test of
the retail e-rupee. Some of the more curious individuals merchants who accept the Indian Central Bank Digital
Currency (CBDC) as payment is virtually non-existent in many
among us may have even gone ahead and downloaded the places.
app, which boasts a user-friendly and polished interface.
Depending on our level of trust in all things digital, we may For those of us who may have wanted to experiment with
have also transferred small amounts of money into our e- e-rupee money transfers, finding like-minded individuals
rupee wallets. willing to join this experiment can be quite challenging. One
may need to search through their social media contacts
However, the excitement encounters a significant hurdle at extensively before finding someone willing to receive a small
this stage. If you happen to reside in cities like Mumbai or sum, just for the sake of trying it out.
Bengaluru, you might be able to locate merchants who
However, it's important to note that these are still early
days and we are currently in the pilot phase. The Reserve
About the author Bank of India (RBI) is actively testing user responses, the

Neha Gaur technical capabilities of the infrastructure, security features
Chief Manager (Faculty ) and more. They plan to refine the final product based on
Union Bank of India, this initial experience. The number of merchants accepting
Union Learning Academy- e-rupees is expected to increase significantly once UPI
Digital Transformation, Powai payment QR codes become interoperable with e-rupee

36 | 2023 | NOVEMBER | BANKING FINANCE