The RBI launched the "Offline Digital Rupee" on Thursday. It will allow people to make digital payments without the internet or a mobile network. It can be spent just like cash, simply by scanning a QR code or tapping a button. It can be considered an electronic version of the Indian rupee. Users can store it digitally, in a wallet, and spend it like cash without the need for internet access. Let's understand it in detail and learn how to use it.
What exactly is a digital rupee?
The digital rupee, or e₹, is India's central bank digital currency. It can be called a digital version or incarnation of India's currency. The RBI has given it the tagline "Cash, but digital." You can store it in a digital wallet just like you would cash in your purse. Currently, 15 banks in the country offer access to such digital wallets.
How will the offline feature work?
The offline feature of digital rupees will work in places where internet access is weak or nonexistent. This is especially beneficial for remote and rural areas. The RBI is testing several offline solutions to encourage greater use of digital rupees. While the offline feature of digital rupees may not require internet access, it does require a mobile signal. It completes payments using NFC, or Near Field Communication (NFC), a technology also used to share data such as photos and videos on smartphones. After opening their wallet, users simply need to select the amount they want to pay and tap their phone on the merchant's payment receiving machine. This completes the payment.
What is the difference between digital rupees and UPI?
UPI is a payment system that allows you to transfer money from one bank account to another. e₹ is a digital form of cash. This means that using digital rupees does not require a bank account. This payment is made between two e₹ wallets. A key feature of wallets and apps that store digital rupees is that they can also scan UPI QR codes.
Disclaimer: This content has been sourced and edited from Navbharat Times. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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