Axis Bank, an Indian private sector bank, has announced the introduction of UPI interoperability functionality on its central bank digital currency (CBDC) application (Axis Mobile Digital Rupee). This seems to be a part of the Reserve Bank of India’s CBDC initiative.
According to an official release, with the introduction of this feature, customers will be able to use Digital Rupee to pay UPI QR codes of merchants. Additionally, this capability is expected to help merchants to embrace the acceptance of Digital Rupee payments on their QR codes.
Moreover, reportedly, the UPI interoperability functionality on ‘Axis Mobile Digital Rupee’ application is being rolled out to users in a phased manner starting with Android, and should be available to Digital Rupee users in the coming days. From what it’s understood, this will continue to be available to users in 26 pilot cities.
“I believe Axis Bank stands committed to delivering solutions that help drive the vision of a Digital India. The introduction of this feature of Digital Rupee and UPI interoperability, is poised to drive adoption of the Digital Rupee across the country. The security and speed of Digital Rupee clubbed with the reach and user-friendliness of UPI should help both worlds to customers and merchants,” Rajiv Anand, deputy managing director, Axis Bank, said.
