YES Bank has introduced UPI interoperability within the framework of the Reserve Bank of India's Central Bank Digital Currency (CBDC) application. This advancement enables users to employ YES Bank's digital rupee app to scan any UPI QR code for conducting payments using either the CBDC or eRupee.
This compatibility expands the accessibility of the digital rupee and corresponds with the bank's dedication to digital innovation.
In the third quarter of FY23, the RBI launched the eRupee, and YES Bank was one of the original four banks selected for the initial trial phase. The fusion of CBDC with UPI QR codes extends the functionality of the eRupee, enabling its practical use in everyday transactions.
Ajay Rajan, responsible for digital transactions at YES Bank, expressed, "The shift to an interoperable CBDC platform holds the potential to provide YES Bank customers – encompassing individuals, merchants, and even MSMEs – with seamless, efficient, and broader transactional capabilities."
