back Back

YES Bank launches with UPI interoperability on CBDC platform

By Gloria Mathias

September 01, 2023

  • CBDC
  • Central Bank Digital Currency (CBDC).
  • Digital Rupee (e₹)
Share

YES BANK, Breaking News, UPI Payment, NCPI, RuPay, Credit Cards, India Assam, GOI, GOA, CBDC, eGRAS, Digital rupree, CBDCYES Bank has announced that it has gone live with Unified Payments Interface (UPI) Interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app.

With this move, users will now be able to scan any UPI QR code through the YES BANK Digital Rupee app and undertake transactions in a seamless manner. This move is set to significantly expand the reach of the Digital Rupee (e₹) and underscores the Bank’s commitment towards propelling digital innovations and providing a wide range of transactional options for users across the nation.

By integrating CBDC with UPI QR codes, the e₹ gains a broader platform, with the goal of becoming a staple in daily transactions. This strategic move enhances not only the strengths of the e₹ but also seamlessly integrates with the widely adopted UPI system.

This integration is designed to offer users flexibility, ensuring a smooth and seamless transactional experience without the need for switching between multiple digital platforms.

Ajay Rajan, Country Head – Digital & Transaction Banking, YES BANK, said, “The integration of UPI interoperability in our CBDC app is a testament to our effort at redefining the customer’s digital transaction journey. The transition to an interoperable CBDC platform holds the promise of seamless, efficient, and broader transactional capabilities for YES BANK customers, across individuals and merchants, including MSMEs.”

“This transformational enabler will facilitate a quantum leap in CBDC usage, driven by the enhanced convenience and accessibility. Our aim is to ensure that the e₹ transcends its role as just another type of currency to become a seamless transactional experience for every user,” added Rajan.

The introduction of interoperability to CBDC marks a significant leap for all banks operating in India. As these boundaries expand and converge, a profound transformation is on the horizon for the very foundation of digital banking and transactions within the nation.

Previous Article

September 01, 2023

BBVA integrates Bizum’s digital identification tool for e-commerce

Read More
Next Article

September 01, 2023

Mastercard, BOK, & LMKR team to advance Pakistan’s transit landscape

Read More






IBSi Daily News Analysis

UK, Bank

July 12, 2024

CBDC

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

Payset and ClearBank partner for local and cross-border payments

Read More

July 12, 2024

Network International launches Business Payment Solutions with Mastercard

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024