RBI Reveals India’s Digital Rupee Has Gained Over 5 Million Users
As of June, the Reserve Bank of India (RBI) has reported that five million users and 420,000 merchants are participating in the digital rupee pilot.
The RBI highlighted that this central bank digital currency (CBDC) is designed to complement cash and existing payment systems. Benefiting both wholesale and retail sectors. The digital rupee aims to improve currency management efficiency and cost-effectiveness.
Launched in 2022, the pilot includes use cases for Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions. With the potential to enhance financial inclusion and support cross-border transactions as part of India’s broader digital payment revolution.
Clever Robot News Desk 2nd August 2024
