YES BANK has become the first bank in India to allow users to scan any UPI enabled QR code through its Digital Rupee app (e₹) to make payments. This is a major step forward in the adoption of digital currency in India.
The YES BANK Digital Rupee app is a Central Bank Digital Currency (CBDC) app that allows users to store, send, and receive digital rupees. The app is powered by the Reserve Bank of India’s (RBI) blockchain platform, and it is fully secure and compliant with all RBI regulations.
To scan a UPI enabled QR code using the YES BANK Digital Rupee app, simply open the app and tap on the “Scan QR Code” button. Then, hold your phone’s camera over the QR code and the app will automatically scan it. The amount of money to be transferred will be displayed on the screen. Enter the UPI PIN to confirm the transaction, and the payment will be processed instantly.
This new feature of the YES BANK Digital Rupee app makes it much easier for users to make payments. It eliminates the need to enter long UPI IDs or account numbers, and it makes it possible to pay anyone who has a UPI enabled QR code, regardless of which bank they use.
This is a significant development in the adoption of digital currency in India. It is likely to encourage more people to use digital rupees, and it could help to reduce the use of cash in the economy.
Here are some of the benefits of using the YES BANK Digital Rupee app to scan UPI enabled QR codes:
- It is more convenient than entering long UPI IDs or account numbers.
- It is more secure, as the transaction is processed on the RBI’s blockchain platform.
- It is faster, as the payment is processed instantly.
- It is more accessible, as anyone with a UPI enabled QR code can be paid, regardless of which bank they use.
The YES BANK Digital Rupee app is available for download on the Google Play Store and the Apple App Store. To learn more about the app, visit the YES BANK website.
The integration of the YES BANK Digital Rupee app with UPI is a major step forward in the development of the digital currency ecosystem in India. It is a convenient and secure way to make payments, and it is likely to encourage more people to use digital rupees. This could have a positive impact on the economy, as it could help to reduce the use of cash and make it easier for people to make payments.
I hope this article was informative. Please let me know if you have any questions.