What is an e-rupee?
Digital Rupee (e₹) is India's Central Bank Digital Currency (CBDC). It is the digital form of the Indian Rupee and is on par with the physical currency.
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E-rupee vs UPI
e₹ is a digital form of ₹, whereas UPI is a means of payment. e₹ also serves as a ‘store of value’, i.e., it can be withdrawn from one’s bank account and kept separately in the e₹ wallet.
e₹ can be held and transacted through e₹ wallets offered by banks and non-banks. One can start using the e₹ wallet by downloading the e₹ app from the Play Store (Android) or the App Store (iOS).
The digital rupee is currently in pilot mode, with various use cases, underlying technology, and features being tested and explored.
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Currently, 19 banks, including HDFC Bank, ICICI Bank, SBI, PNB, Bank of India, and more, are offering CBDC wallets.
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Two non-bank entities, including CRED and MobiKwik, have also been permitted to join the pilot.
People who are customers of the select 19 banks can get onboarded to the Digital Rupee using the following steps.
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Each of the select 19 banks has a separate Digital wallet app, which people can download on the Play Store or App Store.
Note: Yes Bank’s app is available on Android but is not yet available on iOS
Step 1
Upon opening the app, one should select their SIM and enter their registered mobile number.
Step 2
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Next, people are required to set up their preferred login method using a PIN, biometric authentication, or pattern lock, and create a 6-digit PIN.
Step 3
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People will be required to select the bank account they wish to link to their e₹ wallet.
Step 4
Following this, they will be required to enter their debit card details, including the card's last six digits and its expiry date for verification.
Step 5
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After this, people will need to complete the verification and registration process, add money to their e₹ wallet, and start making payments instantly.
Step 6
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