Source: LM
Context: RBI announced that customers will soon be able to use QR codes of the Unified Payment Interface (UPI) network for transactions using digital currency.
Advantages: The interoperability of QR codes will facilitate more transactions using central bank digital currency (CBDC). Previously, merchants had to go through a separate onboarding process and have a specific QR code for CBDC, causing delays.
In 2022, RBI launched CBDC, known as the Digital Rupee. It is a digital form of currency issued and regulated by RBI, representing a digitized version of India’s official currency. It is based on blockchain technology. It is being issued in the same denominations as paper currency and coins.
