Tech News Desk – The Reserve Bank of India (RBI) has launched the pilot of the country’s first digital currency – Central Bank Digital Currency or Digital Rupee. This pilot project has been initially launched with four banks – State Bank of India, ICIC Bank, Yash Bank and IDFC Bank. RBI has already made it clear that in the first phase, digital rupee has been introduced in Delhi, Mumbai, Bengaluru and Bhubaneswar. In this article, we are giving you detailed information about how you can use digital money. Along with this, here we will tell you how this e-wallet is different from the existing UPI. E-Rupay i.e. the Central Bank Digital Currency will initially be available only for select customers of four banks – SBI, ICICI Bank, IDFC Bank and Yes Bank in Delhi, Mumbai, Bengaluru and Bhubaneswar. These four banks will invite select customers and merchants from these cities to the digital currency app by sending phone messages or emails. Here only selected customers participating in this pilot project will be able to use digital currency i.e. e-rupee.
Only these selected customers will be able to download the digital currency app. After downloading the app, customers will have to complete the verification process. For this, the phone number registered with the bank will be required. In this way the customer will be able to complete his e-wallet account. After this, customers will have to link their e-wallet with the bank. For this, customers will need a debit card. The process will be similar to setting up a UPI account. Once the bank is connected, the customer will be able to transfer money from his account to the e-wallet on the DigitalRupee app. Now users will be able to send money through the app to users or merchants who have received invites from the bank under this pilot product. Along with this, customers can also pay by scanning the e-Rupay QR code scanner received from selected merchants under this pilot project. Currently all these transactions will be done in Close User Group (CUG).
