Kotak Mahindra Bank has introduced UPI interoperability on its (e) application, enabling users to make payments for groceries and daily expenses by scanning QR codes at merchants. This is part of the RBI’s CBDC pilot project. This feature will empower customers to make payments on the existing UPI QR codes available at merchants. As on date, the feature is Live for Android users.
The ‘e’ app allows users to make transactions without disclosing bank account details, supports easy transfers, decluttering the bank statements to ensure a safe and regulated interface, making the experience seamless. Virat Diwanji, Group President & Head Consumer Bank, Kotak Mahindra Bank said, “The convenience, safety and security provided through the application, will support a faster transaction, providing customers and merchants the opportunity to be a part of the digital revolution”.
Till date, 13 banks have become part of RBI’s pilot initiative and users across 26 cities are given access on an invitation-only basis. RBI may open Digital Rupee (e₹) for all in India once interoperability with UPI stabilizes. The Digital Rupee is a legal tender in India, and its interoperability with UPI will boost digital currency adoption.
