Digital Rupee gets a big usability boost from Yes Bank's integration with UPI

The Yes Bank app UPI integration is the first for India's retail CBDC, which has seen a variety of projects since its pilot launch in December.

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The Reserve Bank of India's (RBI) central bank digital currency, the digital rupee, will see improved usage, Yes Bank announced on August 30. This was possible thanks to Yes Bank's integration of the Unified Payments Interface (UPI) with the RBI. digital rupee app. Now, Yes Bank account holders will be able to transact with digital rupee by scanning UPI QR codes.

UPI is a national payment portal operated by the National Payments Corporation of India (NPCI), a division of the RBI. The NPCI provides the infrastructure for both the UPI and the digital rupee. UPI is used by 150 million merchants in India, according to local press.

We are pleased to announce that YES BANK has gone live with Unified Payment Interface (UPI) interoperability on the central bank's digital currency application (CBDC) of the Reserve Bank of India (RBI).

With this, users can simply scan any UPI compatible QR code through the YES BANK Digital Rupee… pic.twitter.com/dXxrerptoC

— YES BANK (@YESBANK) August 30, 2023

The Yes Bank app marks UPI's first integration with central bank digital currency (CBDC). Yes Bank Director Ajay Rajan said in a statement:

"The transition to an interoperable CBDC platform promises transparent, efficient and broader transactional capabilities for YES BAN...