Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) announced the introduction of a UPI interoperability feature on its Digital Rupee (e) application as a part of the RBI’s CBDC pilot project. With this, e app users can now scanany QR codeat merchants to make payments for groceries and daily expenses. This feature will empower customers to make payments on the existing UPI QR codes available at merchants. As on date, the feature is Live for Android users.
The ‘e’ app enables secure transactions without bank account details, supports easy transfers, and streamlines bank statements for a seamless experience. 13 banks have joined RBI’s pilot initiative, providing access to 26 cities on an invitation-only basis. Once interoperability stabilizes, the RBI may open the Digital Rupee (e₹) for all in India.
The Digital Rupee is a legal tender, and its interoperability with UPI will boost digital currency adoption. Virat Diwanji, Group President & Head Consumer Bank, Kotak Mahindra Bank said, “The convenience, safety and security provided through the application, will support a faster transaction, providing customers and merchants the opportunity to be a part of the digital revolution”.
