Digital Rupee Wallet : Payments Now Easier, RBI Introduces Digital Rupee
In Brief
What is Digital Rupee
What is the digital version of physical currency
RBI introduces Digital Rupee
In today's digital age, mobile money transactions have become a daily habit. To make this even easier, the Reserve Bank of India (RBI) has launched the digital rupee (e₹). This is the digital version of our physical currency, directly issued by the RBI. Its pilot project started in December 2022, and now 15 major banks in the country have supported it. For those who want to make cashless, secure, and cost-effective payments, the digital rupee is a good option.
What is Digital Rupee?
E-Rupee (CBDC) is the digital version of our currency issued by the Reserve Bank of India (RBI). Like notes and coins, it is fully guaranteed by the RBI. The e-Rupee is stored in a digital wallet, allowing you to make payments or transfer money just like cash. Its pilot project started in December 2022, and currently, 15 banks support it. Through this wallet, you can view your balance and transaction history, make payments using QR codes or NFC, and send money directly between two wallets.
Steps to Set Up Digital Rupee Wallet
Check Bank Support – First, check if your bank supports the CBDC wallet
Download the Official App – Install the “Digital Rupee Wallet” app from your phone's app store
Select SIM – After opening the app, select one of the SIM cards in your phone
Grant Necessary Permissions – Provide any device permissions requested by the app
Set Login PIN – Create a secure login PIN to access the app
Enable Biometrics – Set up fingerprint or face ID for security
Select Recoverable Wallet Type – Choose an option that allows wallet recovery
Create a 6-Digit Wallet PIN – Set a separate 6-digit PIN for transactions
Link Bank – Link your bank account to your wallet by entering your debit card details
Complete Verification – Complete the verification process requested by the bank/app
Check Information – Review all details again before confirming
Wallet Ready – You can now easily make payments and transfers with the Digital Rupee app
Special Features
The digital rupee wallet has many useful features. You can easily view your balance and past transactions on the app's dashboard. By scanning a QR code or using the NFC tap feature, you can make instant payments in stores without cash. Keeping notifications on helps you receive timely updates about new features and each transaction. You can also transfer money directly between two e₹ wallets, making transactions even faster and easier.
Tips for Your Safety
You need to exercise some caution regarding security. Remember not to make payments over public Wi-Fi, as it is not considered secure. Always keep your app updated to stay with the latest security features. Also, always keep your wallet PIN and login PIN private.