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UPI QR codes for transactions in CBDC soon: RBI

Customers in Mumbai will soon be able to use QR codes of the Unified Payment Interface (UPI) network for transactions using digital currency, according to the Reserve Bank of India's deputy governor. The move is expected to encourage more central bank digital currency (CBDC) transactions and promote interoperability. The deputy governor also called on banks to prepare for one million transactions a day using CBDC by the end of the year. The pilot for retail transactions using CBDC has already attracted over one million users and 262,000 merchants.

1 min read12 Jul 2023

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