Axis Bank introduces UPI interoperability on its Digital Rupee app
Axis Bank, one of the largest private sector banks in India, today announced the introduction of UPI interoperability functionality on its CBDC app (Axis Mobile Digital Rupee). This is a part of the Reserve Bank of India's ongoing CBDC (Central Bank Digital Currency) initiative.
City Air News
Aug 25, 2023 09:18
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Chandigarh August 25, 2023: Axis Bank, one of the largest private sector banks in India, today announced the introduction of UPI interoperability functionality on its CBDC app (Axis Mobile Digital Rupee). This is a part of the Reserve Bank of India's ongoing CBDC (Central Bank Digital Currency) initiative.
With the introduction of this feature, customers will be able to seamlessly use Digital Rupee to pay to existing UPI QR codes of merchants. Additionally, this capability will help merchants to embrace the acceptance of Digital Rupee payments on their existing QR codes, eliminating the need of mandatory on boarding.
Commenting on the announcement, Rajiv Anand, Deputy Managing Director, Axis Bank, said, “As a pioneer in embracing numerous innovative technological advancements, Axis Bank stands committed to delivering solutions that help drive the vision of a Digital India. The introduction of this ground breaking feature of Digital Rupee and UPI interoperability, is poised to drive extensive adoption of the Digital Rupee across the country. The security and speed of Digital Rupee clubbed with the expansive reach and user-friendliness of UPI will bring the best of both worlds to customers and merchants.”
The UPI interoperability functionality on ‘Axis Mobile Digital Rupee’ app is being rolled out to users in a phased manner starting with Android, and will be available to all Digital Rupee users in the coming days. This will continue to be available to whitelisted users in 26 pilot cities.
