Informist, Monday, Oct 30, 2023
By Priyasmita Dutta and Richard Fargose
MUMBAI – PhonePe is currently in talks with a number of banks to see if quick response code-linked central bank digital currency transactions of these banks can be made available on our platform, Founder and Chief Executive Officer Sameer Nigam said today.
"We have begun the talks, they are at a preliminary stage now, the contours are to be figured out," Nigam told Informist on the sidelines of the Business Standard BFSI 2023 event. However, he did not wish to identify the banks that it is in discussions with for this mechanism.
PhonePe is a digital payment and financial services company that primarily provides the service of unified payment interface-based merchant payments.
Currently, many banks, including state-owned Punjab National Bank and private banks like ICICI Bank and Axis Bank, allow this mechanism of UPI interoperability for their digital rupee application as part of the Reserve Bank of India's central bank digital currency pilot project. The feature is accessible through the digital rupee mobile applications of banks, and customers can scan any merchant UPI QR code to make payments.
If the talks fructify, PhonePe can work as a platform with the partner banks, on which customers can scan any merchant UPI code to make payments through the digital rupee of the respective bank. It will make the usage of this new mechanism easier as customers can link many bank accounts to one PhonePe account and can access all of them through the same platform.
The RBI has been pushing for India's digital payments system's revolutionisation, an effort that has been well reflected in their premiere pavilion that was seen at the G20 Summit held in Delhi in September. At the pavilion, the central bank demonstrated the mechanism of customer-to-merchant transactions using digital rupee.
In August, RBI Deputy Governor T. Rabi Sankar had said that the central bank was targetting around 1 mln digital rupee transactions per day by the end of this year. This mechanism will help the new digital rupee space inch towards that target. End
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved
Informist, Monday, Oct 30, 2023
By Priyasmita Dutta and Richard Fargose
MUMBAI – PhonePe is currently in talks with a number of banks to see if quick response code-linked central bank digital currency transactions of these banks can be made available on our platform, Founder and Chief Executive Officer Sameer Nigam said today.
"We have begun the talks, they are at a preliminary stage now, the contours are to be figured out," Nigam told Informist on the sidelines of the Business Standard BFSI 2023 event. However, he did not wish to identify the banks that it is in discussions with for this mechanism.
PhonePe is a digital payment and financial services company that primarily provides the service of unified payment interface-based merchant payments.
Currently, many banks, including state-owned Punjab National Bank and private banks like ICICI Bank and Axis Bank, allow this mechanism of UPI interoperability for their digital rupee application as part of the Reserve Bank of India's central bank digital currency pilot project. The feature is accessible through the digital rupee mobile applications of banks, and customers can scan any merchant UPI QR code to make payments.If the talks fructify, PhonePe can work as a platform with the partner banks, on which customers can scan any merchant UPI code to make payments through the digital rupee of the respective bank. It will make the usage of this new mechanism easier as customers can link many bank accounts to one PhonePe account and can access all of them through the same platform.
The RBI has been pushing for India's digital payments system's revolutionisation, an effort that has been well reflected in their premiere pavilion that was seen at the G20 Summit held in Delhi in September. At the pavilion, the central bank demonstrated the mechanism of customer-to-merchant transactions using digital rupee.
In August, RBI Deputy Governor T. Rabi Sankar had said that the central bank was targetting around 1 mln digital rupee transactions per day by the end of this year. This mechanism will help the new digital rupee space inch towards that target. End
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved