Axis Bank, a leading private sector bank in India, has revealed a significant enhancement to its CBDC app, ‘Axis Mobile Digital Rupee’, by introducing UPI interoperability capabilities.
This notable feature aims to empower customers to effortlessly utilise the Digital Rupee for settling payments through established UPI QR codes of various merchants. What’s more, this advancement plays a pivotal role in enabling merchants to seamlessly embrace the acceptance of Digital Rupee transactions via their existing QR codes, effectively removing the requirement for mandatory onboarding procedures.
Rajiv Anand, Deputy Managing Director of Axis Bank, shared his insights on this unveiling, expressing, “As a trailblazer in adopting a multitude of innovative technological strides, Axis Bank remains dedicated to providing solutions that contribute to the realization of India’s Digital vision. The incorporation of this revolutionary facet, combining the Digital Rupee with UPI interoperability, is primed to fuel extensive adoption of the Digital Rupee throughout the nation.”
Anand further added, “By amalgamating the security and swiftness of the Digital Rupee with the expansive reach and user-friendly nature of UPI, customers and merchants stand to benefit from the best of both domains.”
The phased rollout of UPI interoperability capabilities within the ‘Axis Mobile Digital Rupee’ app has commenced for Android users and is slated to become accessible to all Digital Rupee users in the imminent future. The scope of this offering will remain accessible to pre-approved users across 26 pilot cities, ensuring a controlled yet comprehensive expansion.
