PhonePe, Google Pay, and Other Companies to Participate in RBI's Digital Currency Pilot
By MYBRANDBOOK
Big fintech companies are now choosing to participate in the digital currency pilot program run by the Indian central bank, including GooglePay, PhonePe, Cred, Mobikwik, and AmazonPay. The companies plan to accomplish this by enabling e-rupee transactions. At first, e-rupee could only be obtained through the central bank's mobile applications. However, the RBI permitted fintechs to offer e-rupee transactions in April, but only with its consent.
Initially, only the central bank was allowed to offer e-rupee via their mobile applications. However, following RBI’s directive in April this year, fintechs were also allowed to offer e-rupee transactions after its approval.
Following this, the fintech startups were reported to be seeking more clarity from the central bank on the rules of engagement with banks to deploy central bank digital currency (CBDC) use cases.
The Reuters’ report further outlined that these fintech companies are working closely with the RBI, National Payment Corporation of India (NPCI), and the domestic payment authority and are expected to launch access to the e-rupee over the next three to four months.
The report added that digital currency transactions have declined sharply to 1-2 Lakh transactions a day from registering over 1 Mn transactions a day last year. Alongside this, the other source told Reuters that the central bank has no immediate plans to do a full-scale launch of the digital currency.
The developments come at a time when banks are reportedly engaging with various fintech startups at various levels to deploy use cases for retail CBDCs. Notably, two major use cases are being tested in the first phase of the CBDC retail pilot for NBPSOs. While the first one includes subsidy payments for farm inputs, the second use case is around corporate expense management.
It is these use cases that the banks are currently working to deploy and they will now also work closely with fintech startups to fuel the CBDC pilot. In April, RBI deputy governor T Rabi Sankar said that 2.2 Cr transactions have been processed since the launch of the central bank digital currency (CBDC) pilot in December 2022.
Sankar said 46 Lakh users and 4 Lakh merchants were currently transacting in CBDC, adding that the transaction volumes were shifting from P2P (peer-to-peer) to P2M (peer-to-merchants) owing to the availability of more merchants accepting the Digital Rupee.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
MICROTEK INTERNATIONAL PVT. LTD.
STERLITE TECHNOLOGIES LTD.
SAFE SECURITY SERVICES PVT. LTD.
TALLY SOLUTIONS PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : ASHISH KUMAR CHAUHAN
Ashish kumar Chauhan, an Indian business executive and administrator, ...
Icons Of India : PRATIVA MOHAPATRA
Prativa is a transformational leader with an incredible breadth of exp...
ICONS OF INDIA : RAMESH NATRAJAN
Ramesh Natarajan, CEO of Redington Limited, on overcoming ‘technolog...
PARTNER SPEAKERS
PSU
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
