The Reserve Bank of India (RBI) central bank digital currency, the digital rupee, will have enhanced usability, Yes Bank announced Aug. 30. This was thanks to Yes Bank’s integration of the Unified Payments Interface (NASDAQ:) (UPI) with the RBI digital rupee app. Now, Yes Bank account holders will be able to make transactions with the digital rupee by scanning UPI QR codes.
The UPI is a national payment portal operated by the National Payments Corporation of India (NPCI), a division of the RBI. The NPCI provides the infrastructure for both the UPI and the digital rupee. The UPI is used by 150 million merchants in India, according to local press reports.
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