Page 34 - Banking Finance February 2024

ARTICLE

The Synergy between UPI and CBDC stimulate further fintech innovation, leading to the
development of new financial products and services.
The synergy between UPI and CBDC is notable. UPI has
paved the way for the acceptance and adoption of digital Conclusion
financial transactions in India. As CBDC becomes a reality,
it can build upon this foundation by providing a secure and India's digital journey, marked by the success of UPI and the
exploration of CBDC, signifies a commitment to modernizing
government-backed digital currency that seamlessly
integrates with other digital payments. the financial ecosystem and promoting financial inclusion.
UPI has already transformed financial transactions, while the
Enhanced Accessibility: CBDC offers an alternative digital potential introduction of CBDC promises even greater
efficiency, security, and inclusivity.
currency directly issued by the central bank, enhancing trust
and accessibility. As India continues its embrace of digital finance, the
collaboration between UPI and CBDC could catalyse
Interoperability: CBDC can be designed to be interoperable economic growth and innovation. The nation's digital journey
with existing digital payment platforms, making it easier for is far from over, and the convergence of these two
users to transition to the new digital currency. pivotal developments will shape India's financial landscape,
driving it toward a more prosperous and digitally connected
Innovation: The combination of UPI and CBDC can future.

The two-day BFSI Fraud Detection & Management India Summit

27 - 28 February 2024, Media Partner : Banking Finance

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30 | 2024 | FEBRUARY | BANKING FINANCE