SBI's eRupee wallet offers UPI compatibility for seamless transactions

India's largest lender, the State Bank of India (SBI), has announced a significant development in its digital currency initiative. As of 4 September 2023, SBI's eRupee wallet now supports interoperability with the Unified Payments Interface (UPI), offering customers enhanced convenience for in-store transactions.

SBI bridges the gap with UPI compatibility

In a move aimed at delivering greater convenience and accessibility to its customers, the State Bank of India has introduced UPI interoperability for its digital rupee, known as e₹ or Central Bank Digital Currency (CBDC). Users can access this feature through the 'eRupee by SBI' application, empowering them to scan any merchant's UPI QR code for transactions.

SBI believes that this integration will be a game-changer within the digital currency ecosystem. The bank remains committed to providing secure, efficient, and user-friendly solutions that redefine the way transactions are conducted in the digital age.

SBI's journey in the CBDC Space

SBI has been actively involved in the development of the CBDC ecosystem in India. The bank was among the first to participate in the Reserve Bank of India's (RBI) retail digital e-rupee project in December 2022.

The RBI initiated the first pilot of the digital rupee last year, initially in the wholesale segment and later expanding it to the retail segment. The retail digital rupee, known as e₹-R, is designed for day-to-day transactions, bringing digital currency into the daily lives of Indian consumers.

Eight banks, including SBI, ICICI Bank, Yes Bank, IDFC First Bank, Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank, are participating in the retail pilot project. Customers and merchants are invited to test the services through mobile applications, enabling peer-to-peer and peer-to-merchant transactions.