The RBI wants to increase the adoption base for the digital rupee, and rollout on popular fintech platforms could be the push it needs. It does not have any immediate plan to launch a full-scale digital currency
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Google Pay, PhonePe, Amazon Pay, MobikWik and Cred are five payment firms seeking to join the Reserve Bank of India’s (RBI) digital rupee project by allowing their users to transact e-rupee via the Unified Payments Interface (UPI).
Initially, the RBI had permitted only banks to offer e-rupee via their mobile applications, but in April it said payment firms could also offer e-rupee transactions via their platform once approved by the RBI.
Payment firms are working closely with the RBI and National Payments Corporation of India (NPCI), the domestic payments authority, and are expected to roll out access to e-rupee over the next three-to-four months, the sources said, as quoted by Reuters.
WHAT IS E-RUPEE?
The e-rupee is a digital currency issued by the RBI, aimed at creating an additional option for using money. The digital rupee is available entirely in electronic form and does not leave a computer network.
The e-rupee is like banknotes issued by the RBI and is a legal tender that can be used to make transactions. But the only difference is that they can only be transacted online.