Check out the steps to Buy Digital Rupee From Banks i.e. State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. The Digital Rupee or e-Rupee, is interchangeable one-to-one at par with the fiat currency and is the same as bank notes. eRupee is fungible legal money, it means holders of eRupee do not need to have a bank account. It can be transfer from one account to other and can be used for shopping and making payment through QR using wallets & mobile banking.
Currently RBI has partnered with four banks, which are State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank to issue digital Rupee to users. The Digital currency will be launched to Mumbai, New Delhi, Bengaluru, and Bhubaneswar in pilot.
How to buy Digital Rupee ?
Key Highlights :
Digital rupee will be issued through the wallet or Mobile Banking application of the banks. The participating banks will be sharing the details sooner. As of now, none of the banks and RBI have shared the exact process for buying digital Rupee. Users of the digital rupee will be able to make payments with digital Rupee using QR codes displayed at merchant locations and the money will be deducted from bank wallet.
- Visit the Official website of banks or Mobile Banking apps
- Click on the Digital Rupee section
- Follow the steps.
NOTE : will be updated the complete process, once bank will be live on it.
Can I shop using digital Rupee?
Digital Rupee will be used as like wallets i.e. PhonePe, Google Pay, Paytm etc. Users will be able to use digital Rupee to buy goods and shop from stores. The transaction in digital Rupee can happen between Person to Person (P2P) and Person to Merchant (P2M).
It only can’t be used as Cash and will not earn any interest and can be converted to other forms of money, like deposits with banks.
Also Read – RBI Advise Banks To Verify KYC in Cryptocurrency Transactions
Can I transfer digital money to others?
Digital Rupee can be transferred to friends and family members. Currently, the digital Rupee transfer process will be supported only by designated banks (State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank). So, users will be able to store digital Rupee just like they store money in Paytm or Amazon wallet and it can be used for transactions when required.
