You can spend it like cash. For this you just have to scan or just tap any QR code and your payment will be completed successfully. You can keep your money in your wallet digitally.
What is digital rupee?
Digital Rupee or e₹ is the Central Bank Digital Currency (CBDC) of India. You can also call it the digital incarnation of the Indian rupee. You can use digital rupee even without internet. For example, if you understand, this digital rupee is just like the cash kept in your purse. The only difference is that it is available in digital form.
You can use it offline by keeping it in your digital wallet. Also, it is not necessary to have access to your bank account for every transaction. Users can download these apps from Google Play Store or Apple Play Store. After registering yourself, you will be able to pay money to any person or business.
Who will benefit the most?
People living in rural and remote areas will benefit the most from this feature. Those who have problems with internet and mobile network. The most special feature of e₹ is offline payment. For this, the help of telecom companies and NFC based payment will be used. That means you will not need internet to make offline payment. Due to which money transactions will be done easily.
In which banks is this facility being started?
Digital rupee is being made available in the form of wallet in many banks of the country. It is being launched in SBI, ICICI Bank, IDFC First Bank, Yes Bank, HDFC Bank, Union Bank of India, Bank of Baroda, Kotak Mahindra Bank, Canara Bank, Axis Bank, IndusInd Bank, Punjab National Bank, Federal Bank and Indian Bank.
