India RBI Innovates to Enhance Retail CBDC Adoption with Offline Transactions

India central bank, RBI, is spearheading efforts to bolster the usage of digital rupee (CBDC) by introducing an offline transaction feature, mirroring the convenience of cash.

During the BIS Innovation Summit 2024, RBI Governor Shaktikanta Das underscored the surge in digital rupee transactions. However, he stressed the necessity for broader adoption comparable to the Unified Payments Interface (UPI).

The integration of an offline mode for CBDCs aims to facilitate transactions even without internet access, offering a level of convenience akin to traditional cash transactions. Governor Das also affirmed that CBDC transactions would maintain anonymity, preserving user privacy.

Moreover, the RBI is actively working on integrating UPI and CBDC systems to streamline payments for retailers. One initiative includes enabling a single QR code to accept both UPI and CBDC payments, simplifying the payment process for businesses.

India stands out as a frontrunner in experimenting with CBDC, with the e-Rupee pilot program witnessing substantial participation from both users and merchants. Despite the progress, the majority of digital rupee transactions remain in the wholesale segment, highlighting the need for increased retail adoption.

The RBI endeavors reflect the global trend, with central banks worldwide actively exploring CBDC to enhance the accessibility and functionality of digital currencies.

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