Axis Bank has introduced UPI interoperability functionality on its Central Bank Digital Currency (CBDC) app – Axis Mobile Digital Rupee. With this, customers will now be able to seamlessly use digital rupee to pay to the existing UPI QR codes of merchants, according to a company statement.
The statement also said that this capability will help merchants to embrace the acceptance of digital rupee payments on their existing QR codes, eliminating the need of mandatory onboarding.
Commenting on the announcement, Rajiv Anand, Deputy Managing Director, Axis Bank, said in the statement, “….The introduction of this feature is poised to drive extensive adoption of the digital rupee across the country. The security and speed of digital rupee, clubbed with the expansive reach and user-friendliness of UPI will bring the best of both worlds to customers and merchants.”
The UPI interoperability functionality on ‘Axis Mobile Digital Rupee’ app is being rolled out to users in a phased manner starting with Android, and will be available to all digital rupee users in the coming days. This will continue to be available to whitelisted users in 26 pilot cities, the statement added.
‘Axis Mobile Digital Rupee’ app is available for Android and iOS devices. The app allows the users to load digital wallets using the linked Axis Bank Saving accounts. Users can seamlessly transfer and receive/collect digital rupee from other on-boarded users. They can also use digital rupee to pay any CBDC or UPI on boarded merchant QRs, the statement concluded.
