No rush for e-rupee mass rollout, focus is on new use cases: RBI's Sankar | Mint
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No rush for e-rupee mass rollout, focus is on new use cases: RBI’s Sankar
Cross-border as the best use case
Estimating the total number of CBDC users at around 7 million, Sankar said the RBI is in “no hurry” to project a target for the number of users or open up the pilots for mass use. Instead, it will wait for other countries to “simultaneously” launch similar CBDC projects to allow for interoperability.
From multiple user UPI to solar energy trade to wearables
At the Global Fintech Fest, the central bank rolled out three new functionalities for the digital currency. The biggest feature was the ability to make payments between CBDC wallets, simply by linking the wallet to a mobile number without the need for a bank account.
The RBI also launched an integrated platform under the National Payments Corp. of India, where users can access CBDC wallets of all the registered banks at one place, and the option for retail users of solar rooftops to trade energy credits via the e-rupee.
The deputy governor also launched the multi-signatory accounts feature on unified payments interface (UPI) to enable multi-signatory/joint accounts on UPI. With this, more than one user can authorize payments on a single UPI account. The functionality is expected to help corporates, small enterprises, startups, trusts, and joint account holders to use UPI for vendor payments, recurring payments and reimbursements, etc.
Other new features included the facility to make small value transactions using wearable glasses via UPI Lite, marking the first time UPI payments have been extended to the wearable ecosystem.
Yet another launch was of the retail foreign exchange platform with Clearing Corp. of India (CCIL), which will enable real time forex transactions via NPCI Bharat BillPay’s Bharat Connect platform. The platform will facilitate three delivery modes: currency notes, forex card load or outward remittances.
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