š” What Is the Digital Rupee?
The Digital Rupee (e₹) is a token-based digital version of the Indian Rupee, issued directly by the RBI. It can be used just like physical cash — only in a completely digital, secure, and instant manner through mobile apps provided by participating banks.
Backed by the RBI, the digital rupee combines the trust of physical banknotes with the speed and efficiency of modern technology.
Globally, multiple nations are experimenting with the digital form of currency, based on their respective motivations. With today's pilot launch of digital rupee, India has added another feather to its cap of being a front runner in providing digital financial services in the world.
You would be able to use digital rupee with the same confidence and trust which you placed while using physical bank notes issued by the Reserve Bank of India. Through the use of token-based digital rupee, citizens would be able to make or receive payments in currency in completely digital mode through a mobile app. This digital nature of rupee shall make the currency transactions easier, safer, faster and cheaper.
The use of digital rupee is also expected to reduce the operational costs related to management of physical currency, while also furthering financial inclusion in the Indian economy. Let us understand the journey of digital rupee for the common public, which will traverse the path from the Reserve Bank of India to your mobile app in seconds. Based on the requirement placed by banks, digital rupee will be created by RBI using latest technology and will be digitally issued to the banks in a secure manner.
Customers will be able to place the request for digital rupee through the digital wallet in their mobile app provided by their banks, and the requested amount shall get credited to their digital rupee wallets. Thereafter, just like physical currency, users will be able to transact in digital rupee with other individuals and at merchant locations who are having the digital rupee wallet. Digital rupee shall bring together the trust reposed in the Reserve Bank of India and the benefits of emerging cutting-edge technologies.
Going forward, RBI will also work towards achieving interoperability of digital rupee with other payment systems and bringing secure offline features for wider and more inclusive access of digital rupee in locations where internet connectivity is poor or not there. The pilot will cover few cities across India with select banks. It is a belief of RBI that use of digital currency shall Further India's digital economy.
We hope that all of us become a part of RBI's unique initiative and through use of digital rupee, add a new dimension to our fast-evolving digital economy.
✅ Benefits:
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Easier, Safer, Faster, Cheaper transactions.
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Reduces operational costs related to physical cash handling.
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Promotes financial inclusion by reaching more citizens.
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Enhances digital economy efforts in India.
š How It Works:
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Banks place a request to RBI.
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RBI creates and issues digital rupee to banks securely.
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Customers request digital rupee via bank's mobile wallet app.
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Users can transact with others or merchants using their digital rupee wallet, similar to cash.
š® Future Vision:
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Interoperability with existing payment systems.
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Offline capabilities for rural/low-connectivity areas.
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Gradual expansion across more cities and banks.
What's the Difference?
Digital currency will fulfill the dream of our digital India. Now you will say that UPI was also doing this work.When and how much currency will be issued in the country, this work is done by RBI. Any country's currency has a direct claim on its central bank. That is, the value of the denomination written on it, you will get in the market, the responsibility of this is taken by the central bank.
So now whether that currency is in your pocket or in your mobile, its purpose and significance will remain the same. Like paper notes, digital currency will also follow the token-based system. That is, at a particular point of time, that currency will be believed to belong to whoever has it. On the other hand, UPI is an online platform that helps you transfer money quickly. A particular figure will be deducted from your account and added to another person's account. But in the case of digital currency, currency notes will be deducted from your CBDC account and added to another person's CBDC account.In this case, there will be no intermediary role of the bank or bank account.
HOW TO USE e-Rupee! Digital Rupee:-
So let's start. First, you have to come to the Play Store and search for Digital Rupee.As you can see, I have searched for Axis Bank, Bank of Baroda, IDFC Bank, SDFC Bank, ICICI Bank, etc. All the banks are listed here. All the digital rupee applications are available here.You have to download the application from whichever bank you have an account in. You can also use the application from other banks if you don't have an account in them. For example, our account is in IDFC First Bank.You have to install the digital rupee application. You have to install it on your mobile phone. When you open the application for the first time, you will be asked to allow some permissions.You have to scroll through the Terms and Conditions page and click on the Accept option. Now you can see that you can issue digital rupee in your wallet. You will be able to receive money from anyone in this wallet.We will click on Next to create an account. The SIM cards that we have inserted in our mobile phone will be displayed here. We have to select the SIM card that is linked to our bank account.For example, SIM 2 is linked to our bank account. We will select it. Then we will click on the Verify SIM option.You have to ensure that your SIM card is inserted in this mobile phone. Only then your verification will be done. You will see that the SIM verification has been done in a few seconds.We will click on the Continue option. Now we are asked to set the security pin in this application. You have to set the pin, pattern or fingerprint feature that is available in your mobile phone.So that you don't have to enter the pin or OTP while logging in again and again. So let's enable the fingerprint here. Then we will fill our name here and click on the Continue option.Now this account will be recoverable. It is said here that if your phone is lost, you will come back to the application and register. So all your balance will be reflected in it.So this is also a good thing. We will click on the Continue option here. We are asked to set the wallet pin.So it is necessary for the security region here. We will continue. So here you have to set a 6-digit pin of your choice.You have to type the same pin again. So here you will see that your wallet pin has been successfully set. We will continue.So now you will see that the option to link our bank account is coming. In which we will also link this bank account with it. So let it be selected here and click on the Continue option.So you will see that the details of our IDFC bank account have been fetched here. Because we have entered the same mobile number here. In which this account has been shown, we will link it with the digital currency.If we want to bring the money back to our account at any time, we can bring it in it. With this we will be able to load the money. Click on the Select This Bank Account option.And if you are adding an account here, then the details of your debit card will be asked to you due to the security region. So here you have to fill the last 6 digits of your debit card. Here you will fill the card expiry.You will fill it. Then you will click on the Next option here. So by doing this, you will see that our digital currency account has been successfully created.We have been redirected to the Dashboard of the application. Here in our account, there is zero balance because I have just created the account. Now here in this application, we can receive money from any account.If someone is sending us, then you will be able to receive it in this account. With this, if you do not have the initial money, As you can see, we have clicked on the Load option. So here the kind of notes we see in the market, Similarly, a note of Rs.
2, a note of Rs. 5, Rs. 10, Rs.20, Rs. 50, Rs. 100 and Rs.500. Here a note of Rs. 2,000 is also being issued.Don't worry, this note of Rs. 2,000 has not been closed. This is a digital note.So here you can issue any kind of note you want. Now apart from the note, you will also see that the coin option has also been given here. In which a coin of Rs.1, a coin of Rs. 50 can also be issued here. So as you can see that all kinds of notes are going to be issued here.Multiple notes are coming to me. So as I have clicked here, which account do you want to load the money from? All the UPI applications have been shown here. For example, we want to add from PhonePe.So we have selected PhonePe. We will enter our UPI pin. And here you will see that our amount has been cut from our account.And this amount has been loaded in the digital currency. Now if we see the amount here, then you will see that it has been clicked on the View Balance option. So all the amount we had just loaded, that amount has come here.Almost all the notes have been issued. Along with this, we had also issued some coins. Those coins have also been issued here.Our current balance has been shown to you here. Now whatever money we have loaded here. If anyone needs to send money, then you will click on the Send Digital Rupee option.And here if you want to pay someone on contact, like on a mobile number, then you can do it through that. Here is also the option of Quarkode, on which you will click. So the way you scan the Quarkode and pay on Google Pay, PhonePe and UPI applications.In the same way, you will see here. You can scan the Quarkode of the people whose digital currency account has been created and pay anyone. So let's open this Quarkode.We will scan it through this application. And here you will see that as soon as you scan the Quarkode, the name of the pair is being shown here. We will click on the Send Digital Rupees option.Now here you will see that the notes that are available in our account are being shown here. In which Rs. 2 note, Rs.5 note, Rs. 10, Rs. 100, Rs.200. Whatever notes we have issued, whatever coins have been issued, you have to see here. Now as you will see that we have filled Rs.18.50 here. And we will send it. So we will click on the Send Digital Rupees option.And here we will put our pin and authenticate it. So you will see here that our payment has been successful. So you will see here that the Rs.18 that we have sent, the serial number of which was being shown in our wallet. You will see that the serial number has been sent to the person to whom we have paid. So here the government is going to issue digital currency in this way.The printing of physical notes will be reduced to a large extent by the government. So here we will see how we have sent it. Now if we have to demand money from someone.So here you will see that all these coins, if we come to our account. So you will see that all the coins that they have sent are being shown in our account. The numbers are being shown here.Now here in case you have to redeem the money in this application, if you have loaded the amount. After that, if you do not find anyone around you to accept digital rupees. You need to bring money in your main account in physical rupees.So you can do that too. So suppose here I have the largest note of Rs. 500.And we want to withdraw this amount. So we will drag the note of Rs. 500 upwards.We want to redeem the note of Rs. 200. So here you will see that I have Rs.700 here. And we want these two notes to come to our main account. So we will click on the option of redeem digital rupees.It is asked to select. So we want this account of IDFC bank. So we will select and click on the option of confirm.And click on the option of redeem digital currency. And here you will see that Rs. 700 has gone to our main account.So here we can withdraw this money from the ATM if we want. Because the money is in our bank account. So here I will show you by logging in my application.So here you will see that we have come to the section of the account. And here you will see the statement. Here you will see that Rs.700 has been received from the digital currency. So in this way, you will see that the digital currency in your account can also be redeemed. Now here you see another option of collect.So let me tell you what is the use of this. So as we had just paid Rs. 18 on the other phone.So we want Rs. 18.50 same amount to demand from them. So here if you want, you can generate this QR code and send it.If you share it with someone, then the money will be sent to you. And here we will scan this QR code. So here you will see that the amount we have filled automatically.Rs. 18.50 is being shown here. We want to send this much money here.So we will click on the Send Digital Rupees option. We will fill our PIN. And here you will see that our payment has been successful.Here you will see that Rs. 18.50 that we have sent back to this account has come here. So the purpose is that all the services here are fully activated.You can transfer money with anyone in this application. If we click on the view wallet option, then how much balance we have left. We can see which notes we have left.So did you see this way you can easily create your digital currency account. Share this blog with all your friends and family. So that they also know how to make transactions in digital currency.They can start making money through you. If you all have any questions or suggestions, then write them in the comments.
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