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CENTRAL BANK DIGITAL CURRENCY (CBDC) -Indian Bank Digital Rupee Application

CENTRAL BANK DIGITAL CURRENCY (CBDC) -Indian Bank Digital Rupee Application

Central Bank Digital Currency (CBDC)

CBDC (Central Bank Digital Currency) is the legal tender issued by the central bank in a digital form. It is akin to sovereign paper currency but takes a different form, exchangeable at par with the existing currency and shall be accepted as a medium of payment, legal tender and a safe store of value.

How does e₹ work?

e₹ needs to be stored in digital wallet which is like an app you can download and keep on your cell phones and other devices. You can then conduct financial transactions using e₹ stored in this wallet. Using e₹ is like using cash, except your cash will be in the electronic token form stored in your digital wallet.

Using e₹.

Let us understand how you can make transactions:

  • Pay to other Individuals/Merchants in real-time
  • Pay quickly via QR or Mobile Number
  • Receive/Collect Digital Rupee securely
  • Person to Person (P2P): You can transfer money to another person’s digital wallet by using the recipient’s mobile number or QR code. You need to enter the amount or select the equivalent denominations available in your e wallet and hit send. Your funds will be transferred to the recipient in real-time.
  • Person to Merchant (P2M): You can scan the QR code displayed by merchants at their business establishments. Select the denominations or enter the amount. Approve the payment and share the transaction ID with the merchant.
  • Unloading the digital wallet: You can send money from your digital wallet to your linked bank account. In your digital wallet, select redeem or other suitable options. Select the bank account and amount you need to credit to your linked bank account.

    Benefits of CBDC:

    1. Secure Mode of Transaction
    2. Low Settlement Risks
    3. Increased payment efficiency
    4. Potentially reduce net transactions costs, benefitting lower-income households.

    You can enjoy benefits like truly cashless payments, speedy fund transfers and increased digital security.

    Download Indian Bank Digital Rupee App from the following links or from the official Google Play Store / Apple app store (Do not use any other link for downloading CBDC):

    CBDC 

    ( Last modified on Nov 06, 2024 at 03:11:41 PM )

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