Axis Bank UPI interoperability: According to an official release, customers will be able to use digital rupees to pay at merchants’ UPI QR codes.
Axis Bank UPI interoperability: Private sector bank Axis Bank has announced the launch of UPI interoperability functionality on its central bank digital currency (CBDC) application (Axis Mobile Digital Rupee). It is a part of the CBDC initiative of the Reserve Bank of India.
According to an official release, with the introduction of this facility, customers will be able to use digital rupees to make payments from UPI QR codes of merchants. Additionally, this capability is also expected to help merchants accept digital Rupee payments on their QR codes.
In addition, UPI interoperability on the ‘Axis Mobile Digital Rupee’ application will be rolled out for Android users first and later extended to other users as well. The digital version will be available to the users in the coming days. Currently it will be available in 26 cities as a pilot launch.
Digital India will move ahead
Rajeev Anand, Deputy Managing Director, Axis Bank said, “I believe Axis Bank is committed to providing solutions that will help drive the vision of Digital India. The introduction of this facility of Digital Rupee and UPI interoperability will
drive adoption of Digital Rupee across the country. The security and speed of digital rupee combined with the accessibility and user-friendliness of UPI should help both customers and merchants.”
