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Having tested the wholesale usage of its central bank digital currency (CBDC), the Reserve Bank of India (RBI) is preparing to conduct the retail pilot of the “digital rupee.”
According to the Economic Times of India, the RBI is in the final stage of preparing the rollout of the retail digital rupee pilot, which should launch within a month.
Among the first participants are the State Bank of India, Bank of Baroda, ICICI Bank, Union Bank of India, HDFC Bank, Kotak Mahindra Bank, and Yes Bank.
The pilot plans to eventually include all banks in India. Each bank participating in the trial will test the CBDC among 10,000 to 50,000 users.
To integrate the new payment option, the banks will collaborate with PayNearby and Bankit. The CBDC Infrastructure will be held by the National Payments Corporation of India.
Both customers and merchants will have to download the special wallets for the CBDC.
The digital rupee is intended as a supplement to the current payment system, and not its replacement.
The wholesale segment pilot for the digital rupee was launched by Reserve Bank of India on Nov. 1. Its main use case has been the settlement of secondary market transactions in government securities.
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https://youtu.be/zng0LZHGeWA Read more
According to the Economic Times of India, the RBI is in the final stage of preparing the rollout of the retail digital rupee pilot, which should launch within a month.
Among the first participants are the State Bank of India, Bank of Baroda, ICICI Bank, Union Bank of India, HDFC Bank, Kotak Mahindra Bank, and Yes Bank.
The pilot plans to eventually include all banks in India. Each bank participating in the trial will test the CBDC among 10,000 to 50,000 users.
To integrate the new payment option, the banks will collaborate with PayNearby and Bankit. The CBDC Infrastructure will be held by the National Payments Corporation of India.
Both customers and merchants will have to download the special wallets for the CBDC.
The digital rupee is intended as a supplement to the current payment system, and not its replacement.
The wholesale segment pilot for the digital rupee was launched by Reserve Bank of India on Nov. 1. Its main use case has been the settlement of secondary market transactions in government securities.
#delivering8 #technology2 #intelligence #intelligence4 #delivering7 #infrastructure2 #smartcontract5 #delivering6 #smartcontract0 #intelligence3 #infrastructure9 #delivering5 #technology6 #delivering4 #technology1 #delivering3 #delivering2 #delivering1 #intelligence2 #infrastructure1 #intelligence1 #smartcontract4 #intelligence0 #infrastructure8 #infrastructure0 #delivering0 #infrastructure7 #intelligence9 #technology0 #smartcontract3 #technology5 #delivering9 #smartcontract9 #christine #technology4 #smartcontract8 #blockchain #infrastructure6 #infrastructure5 #intelligence8 #intelligence7 #infrastructure4 #smartcontract #smartcontract7 #cryptocurrrency #smartcontract6 #technology #intelligence6 #intelligence5 #delivering #utilizing #smartcontract2 #infrastructure #infrastructure3 #smartcontract1 #technology3 #wholesale #technology7
https://youtu.be/zng0LZHGeWA Read more
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Master C.
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We are looking for the best of the best from our members to join our Premier Master Enabler Program. Focusing right now on International Expansion and New Market Entry professionals for Europe, Latin America, and the USA. Interested in learning more message Master Connector here or email - masterenabler@fintechconnector.com
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