What is e-rupee and why do Google Pay, PhonePe want to join RBI’s digital rupee project?
The story so far: Fintech companies including Google, PhonePe, Amazon Pay, Cred, and Mobikwik are looking to join the Indian central bank’s digital currency project by allowing their users to transact in e-rupee via Unified Payments Interface. Unlike deposits which pay interest, the digital rupee in users’ wallets does not attract interest payments from the central bank. Since cryptocurrencies are viewed by many as an alternative to fiat currencies, which progressively lose their value, the RBI hoped the digital rupee would bring greater transparency to transactions and lower the costs associated with the production of traditional fiat currencies. The digital rupee initially witnessed growing adoption, with transactions using the digital currency rising to over 1 million a day late last year.
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